The Timken Company (NYSE: TKR) today announced plans to build a new bearing manufacturing facility in India. The plant, which will be located in Chennai in the southern state of Tamil Nadu, will produce a range of antifriction bearings for global markets.
Timken's new facility will be built in one of India's new Special Economic Zones (SEZs), which provide a range of tax benefits, including duty-free import of equipment and material used in the manufacture of goods destined for sale outside of India. The facility will be located in Chennai's Mahindra World City, and construction is expected to begin by the end of the year.
"The Timken Company is continuing to invest in industrial products and markets where we have the opportunity to drive profitable growth," said Mike Arnold, president of Timken's Industrial Group. "Our new facility in India represents a significant expansion of our manufacturing presence in this important economy, and we will continue to look for strategic opportunities to build on our growing base in Asia."
The plant is estimated to cost $25 million. Production is expected to begin during the fourth quarter of 2007. Timken, which currently employs approximately 1,000 people in India, anticipates adding approximately 300 positions to operate the Chennai plant.
Timken's Indian operations currently include a bearing manufacturing plant in Jamshedpur and a Global Innovation Center in Bangalore that has the capability to design, develop and test new friction management and power transmission technologies. Timken, which has had a presence in the Indian market since 1992, also has an extensive and growing network of distributors focused on providing an expanding range of friction management solutions to industrial and automotive aftermarket customers throughout India.
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