The Timken Company (USA; NYSE: TKR) announced it is again expanding production of wheel bearing hub assembly units at its plant in Lincolnton, North Carolina.
The additional capacity is being added to meet a new OEM automaker contract, worth approximately USD $17 million.
Built in 1979 primarily to produce large industrial bearings, Lincolnton has been expanded and reoriented several times to the point where it is now Timken's key facility for producing wheel bearing hub assembly units destined for North American automakers.
Since 2000, Timken has spent more than $40 million at Lincolnton, virtually all to expand production of wheel bearing hub assembly units for light and medium trucks. Since 2002, the plant's hub assembly production capacity has more than doubled.
At almost 600,000 square feet, it is a highly integrated facility, the hub units starting with forgings supplied by a subsidiary of Meadville Forge.
Lincolnton also produces tapered roller bearings for industrial and heavy-duty truck and off-road equipment applications.
In 2004, Timken Lincolnton was named Industry of the Year by the Lincoln Economic Development Association. It is the county's largest industrial employer.
This latest capacity increase is scheduled to be online by January 2007, and will bring at least 40 more jobs to the 725 already there.
The Lincoln County Board of Commissioners (LCBC) said it, "helped solidify the project," granting Timken approximately $320,250, paid out in equal installments over the next five years. Tom Anderson, LCBC Chairman, said: "We congratulate the Lincolnton Bearing Plant on winning this project for Lincoln County. Timken has been, and continues to be a very generous supporter of numerous endeavors in Lincoln County and we are pleased our efforts to support this vital industry contributed to their success in gaining this additional work for the Lincolnton Plant."
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