Timken Voices High Hopes for Local Business
Timken expects India to be a key contributor to its target of growing its Asian business to a billion dollar by next year. Timken's global sales for the year 2006 stood at $5 billion. "We are on track," said Mr James W. Griffith, President and CEO of The Timken Company.
The Timken Company, which has set up a new subsidiary, Timken Manufacturing Pvt Ltd, in the Special Economic Zone set up by Mahindra Group in Chennai, expects to boost its export performance with 80 per cent of the output targeted at its global customers.
Set up with an investment of $25 million, the Chennai plant aims to achieve $50 million turnover with its specialised products for heavy industrial machines.
Its oldest subsidiary, Timken India with its facility in Jamshedpur manufacturing tapered bearings achieved a sales turnover of Rs 338.74 crore (about $78 million) last year, with exports contributing Rs 119 crore.
The unit also played a crucial role in re-engineering a cost effective process to revive the prospects of highly specialised products, whose production line in US had to be closed due to high cost structure.
The embedded bearing pillow block' with use in heavy industrial machines, now contributes $10 million to Timken India's over all exports.
Mr Griffith, who was here to review the progress of the Chennai project and assess future growth of the company, told Business Line that apart from being an important market India was emerging as a key solution provider.
The Chennai plant itself was a pointer to this with the US company veering from traditional practice and relying on the local management for setting up the plant. Mr Griffith said the company would continue to invest to grow its business and strengthen its distribution infrastructure.
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