The Timken Company (NYSE: TKR; www.timken.com) announced Wednesday the completion of three previously announced capital investment projects totaling $85 million. The Steel business investments include an open-die in-line forge press at the Faircrest Steel Plant in Canton, and an intermediate finishing line and a second induction thermal treatment line at the Gambrinus Steel Plant, also in Canton.
The 3,300-ton forge press offers Timken and its customers sound-center engineered steel bars that can unlock new market opportunities and operating efficiencies. The forge press uses an innovative large-bar forged-rolled process, which Timken developed and installed to enhance center soundness of a larger cross-section of Timken® special bar quality steel. Combined with the company's recent investment in an ultrasonic test large-bar inspection line, the new forging capabilities reinforce the company's position as a premier provider of sound-center large bars of up to 16 inches in diameter.
"The forge press opens new market spaces for customers and Timken, providing particular value where performance in extreme operating conditions is of critical importance," said Rich Kyle, group president for the company. "Adding this forging step prior to rolling further improves bar soundness. The forge press also contributes substantially to our long-term competitiveness by bringing greater differentiation and expanded capacity for high-quality Timken products to customers worldwide."
The new intermediate finishing line increases operational efficiencies by incorporating the latest technologies and employing lean processes, significantly eliminating product touches and material movements. The line advances testing quality, reduces processing times and incorporates an environmentally friendly water jet de-scaling spray system that replaces the former pickling process.
The second induction thermal treatment line introduces about 40,000 tons of normalized thermal-treat capacity for customers annually. Used in conjunction with current thermal-treat assets, the line helps increase quench and temper capacity by 20,000 tons per year.
"The intermediate finishing and induction thermal treatment lines improve manufacturing effectiveness and underscore a long-standing commitment to advance our capabilities," Kyle added. "With customers foremost in mind, we are investing more than $500 million in our Ohio steel plants to help us meet their needs."
Construction continues on schedule at the Faircrest Steel Plant for two other significant investment projects. A second ladle refining station will begin production in the second quarter of 2013 and a vertical jumbo bloom continuous caster is slated to be operational the second half of 2014.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a global industrial technology leader, applies its deep knowledge of materials, friction management and power transmission to improve the reliability and efficiency of industrial machinery and equipment all around the world. The company engineers, manufactures and markets mechanical components and high-performance steel. Timken® bearings, engineered steel bars and tubes—as well as transmissions, gearboxes, chain, related products and services—support diversified markets worldwide. With sales of $5.0 billion in 2012 and approximately 20,000 people operating from 30 countries, Timken makes the world more productive and keeps industry in motion.
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