NEW YORK Timken Co. and Russian bearings maker European Bearing Corp. (EPK) are planning to build a large-bore industrial bearings production facility somewhere in Russia or the broader Commonwealth of Independent States (CIS).
Construction is expected to start in 2015, with production kicking off 24 to 36 months later, according to a Timken statement.
The joint venture, which will serve industrial markets in Russia and the CIS, will operate as EPK-Timken Bearing Co.
"This agreement represents a coordinated commitment to provide industrial customers with a single source of bearings locally that deliver the most reliable performance to meet their current and future needs," said Alexander Moskalenko, chief executive officer of Moscow-based EPK.
"Weve been conducting business in this area of the world for decades and directly supporting customers in Russia for more than 20 years," said Christopher A. Coughlin, group president of Canton, Ohio-based Timken. "Together, we expect Timken and EPK will be able to provide unparalleled capabilities to industrial customers in Russia and the broader CIS region, which continue to be strategic markets for us."