Timken Signs Five-Year Contract With RWE Power
Resource from: CBCC Likes:2976
May 11,2006
The Timken Company (NYSE: TKR) recently signed a five-year contract to supply RWE Power AG in Essen, Germany, with anti-friction bearings. The contract covers the delivery of spherical roller bearings and mounting sleeves for use in conveyor belts.
The agreement is the first between the two companies and accounts for about 30 percent of RWE Power's bearing requirements in Germany. RWE Power cited technical expertise as one of the deciding factors for awarding the contract to Timken.
Most of the conveyor belts equipped with Timken(R) bearings are used in the company's lignite mining operation located in Germany's Rhineland. RWE Power is among the largest electricity producers in Europe and belongs to the RWE Group of European utility companies.
"Timken is delighted to begin this relationship with RWE Power," said Mike Connors, Timken's vice president for industrial equipment. "Customers in energy and other demanding industries are discovering new ways that Timken's expertise in managing friction in harsh environments can help improve their performance."
About RWE Power AG
RWE Power is one of Europe's largest power producers with subsidiaries and affiliates in Germany and abroad. They employ around 18,700 people. In 2005, RWE Power generated about 6.8 billion euros of external revenue.
About The Timken Company
The Timken Company, (NYSE: TKR, http://www.timken.com) keeps the world turning, with innovative ways to make customers' products run smoother, faster and more efficiently. Timken's highly engineered bearings, alloy steels and related products and services turn up everywhere. With operations in 27 countries, sales of $5.2 billion in 2005 and 27,000 employees, Timken is Where You Turn(TM) for better performance.
Media Contact: Jeff Dafler, Manager - Global Media & Government Relations, Telephone: (330) 471-3514, Facsimile: (330) 471-7032, jeff.dafler@timken.com
Investor Contact: Steve Tschiegg, Manager - Investor Relations, Telephone: (330) 471-7446, Facsimile: (330) 471-2797, steve.tschiegg@timken.com
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