The Timken Company (NYSE: TKR) announced an expanded ability to offer its high-performance, premium engineered steel solutions to customers in Asia, establishing production within the region through an arrangement with Daido Steel Co. Ltd.
In an agreement signed between the two companies today, Daido, a leading steelmaker based in Japan, will manufacture specialty steel products according to Timken specifications. This will allow Timken to broaden service to industrial customers throughout Asia, where such highly engineered, specialty steel is not widely available, and demand for it continues to grow.
This is the second collaboration between Timken and Daido Steel. In 2006, the two companies initiated collaboration on technical aspects of Timken’s new small bar mill commissioned last year in Canton, Ohio.
“This is a fast-track approach to accelerate the growth of our steel business while building the Timken brand further in Asia,” said Salvatore J. Miraglia, Jr., president of Timken’s Steel Group. “It will allow us to capitalize on more of the growth opportunities we see in the Asian market, bringing all of the technical expertise Timken is known for, with the added advantage of Daido’s state-of-the-art manufacturing facilities in the region. For customers in Asia, this local proximity is most desirable and necessary to ensure timely, reliable service."
“We are very pleased to again work with Timken on this opportunity that strengthens our bonds of business and friendship. This is a positive development to serve a wider field of industrial opportunity in Asia where the demand for high-quality steel is growing. In addition to this agreement working with Timken, we will continue to serve our own Japanese customer base with our product offering.” said Tadashi Shimao, executive vice president of Daido Steel Co., Ltd.
Under an initial five-year agreement, Daido will manufacture high-performance steel as specified by Timken. Those finished products will carry the Timken brand, and will be marketed, sold and distributed by The Timken Company’s sales force and its authorized distributors in Asia.
About Daido Steel
Daido Steel (Tokyo: DADSF) excels in the manufacture of specialty steel products and components for automobiles as well as industrial and electrical machinery. Founded in 1916, Daido markets a broad range of specialty steel products to companies such as Honda, Nissan and Toyota. Headquartered in Nagoya, Japan, Daido operates an international network with locations in North America and Asian countries.
About The Timken Company
The Timken Company keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers’ machinery to perform more efficiently and reliably. With sales of $5.7 billion in 2008 and operations in 26 countries, Timken is Where You Turn™ for better performance.
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