CANTON, Ohio, Dec. 15, 2011 /PRNewswire/ -- The Timken Company and the United Steelworkers (USW) Local 1123 today announced they have reached agreement on a new five-year contract to replace the existing contract, which would have expired September 2013. A ratification vote is being scheduled.

"The company and the union were able to reach a tentative agreement that would pave the way for the most significant investment in our steel operations since we built the Faircrest plant," said Salvatore J. Miraglia, Jr., president of Timken's Steel Group. "The expansion would position us to increase capacity, expand product range and strengthen competitiveness."

The company announced in August that it would move forward with a $225 million investment in its Faircrest Steel Plant, pending successful discussions with the union, suppliers and government officials.

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