Officials of The Timken Company (NYSE: TKR) were joined by Ohio Gov. John Kasich, Sen. Rob Portman, Rep. Jim Renacci, Rep. Bob Gibbs, state Rep. William Batchelder and other state and local political leaders to mark the start of work on a $225 million expansion of the Faircrest Steel Plant in Stark County, Ohio.
The investment by the specialty alloy steel and industrial components manufacturer is expected to improve the Faircrest plant's productivity, expand its product range and increase capacity to serve growing demand for Timken® specialty alloy steel bars.
Salvatore J. Miraglia, Jr., president of Timken steel, acknowledged the company's associates, suppliers, customers and union membership, many of whom were on hand for the occasion, recognizing the critical roles that they played in moving the project forward. "You helped make this investment possible, and we thank you for that."
A new ladle refiner and large-bloom continuous caster are the centerpieces of the steel plant expansion. Targeted for start up in 2014, the new equipment is expected to increase the Faircrest plant's shippable capacity by 25 percent and enable the production of a broader range of large-diameter bars.
"Demand for Timken® steel to support the challenging needs of energy and industrial applications continues to grow in this region, throughout the United States, and in the developing economies of the world," Chairman of the Board Ward J. "Tim" Timken, Jr., told the crowd gathered for the groundbreaking. "This investment is part of the company's ongoing strategy to expand in markets that value the reliability and efficiency of our world-leading products and offer opportunity for sustained long-term growth."
"We're heartened by the support we've received from the Timken team, customers, suppliers and our elected officials in bringing this project to our official launch this morning," said Tom Moline, vice president of steel manufacturing. "That makes this a great day for Timken customers, the company and our local community."
Following remarks by all speakers, Tim Timken used a nearby hydraulic excavator to formally initiate work on the plant expansion.
The Timken Company is well-known for helping improve the reliability and efficiency of the machinery, equipment and vehicles that incorporate Timken steel as well as its bearings, gears and related components. The company's century-long steelmaking expertise is considered a key competitive differentiator.
In 2011, the Timken Steel segment melted 1.7 million tons of scrap steel—equal to approximately 1 million junk cars—and generated $2 billion in sales of its custom-designed steel. The company has invested steadily in its operations through the years, but this $225 million investment at the Faircrest plant is the largest since the facility opened in 1985.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) keeps the world turning with innovative friction management and power transmission products and services that allow machinery to perform more efficiently and reliably. With sales of $5.2 billion in 2011 and 21,000 people operating from locations in 30 countries, Timken is Where You Turn® for better performance.
Contacts - Media: Dan Minnich, Ofc: 330.471.7760, dan.minnich@timken.com;
Investors: Steve Tschiegg, Ofc: 330.471.7446. steve.tschiegg@timken.com, The Timken Company.
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