Timken Co., an industrial bearing and steel maker, cut its dividend in half, from 18 cents per share to 9 cents, to preserve cash as it struggles with shrinking markets across nearly its entire business.

The company said that receding global demand for products will result in at least 3,000 job cuts through the rest of 2009. Timken has already cut more than 7,000 jobs, or 25 percent of its work force since the start of 2008, and it doubled targeted cuts in selling and administrative costs.

Timken reported that slack demand for industrial bearings and high commodity prices drove first-quarter 2009 profit down 99 percent to $870,000, or 1 cent per diluted share, from $85.4 million, or 88 cents per share, in the same period a year earlier. Timken also said sales for the period that ended March 31 declined 33 percent to $960.4 million compared with $1.4 billion in quarter one 2008.

The company expects hard times for bearings and specialty steel sales to continue this year, with its steel group sales declining as much as 55 percent to 65 percent. Timken hopes for some growth in its aerospace and defense sales.

Other News:
Timken Slashes Dividends and Workforce
Bowman International Acquires Competitor Oilite Bearings
Schaeffler Collides With Union Over Job Cuts
Timken Layoffs Hit Southern U.S. Plants
Up to 80 Jobs Could be Cut at SKF Manufacturing Unit
Koyo Cuts Back at U.S. Bearing Plants
Boca Peeka Boo 5 Full Ceramic Bike Bearings
SKF India Begins Construction of Haridwar Project