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The Timken Company Exploring Strategic Options for Standard Plant

Resource from:  TIMKEN news Likes:3015
Aug 07,2003
the day before yesterday the Timken Company announced it is exploring strategic alternatives for its Standard Plant in Torrington, Conn., including the sale of the facility. The plant, which makes products for the aerospace industry, specifically aircraft control bearings, aircraft rod ends and aircraft track rollers, employs 277 people. The options being considered for the Standard Plant are part of the company's continuing strategy to focus its plants to be globally competitive in the product that each manufactures and to integrate its acquisition of The Torrington Company. As part of this process, Timken is reviewing all of its businesses, including the Standard Plant."We have taken actions over the past three years to transform The Timken Company to a global enterprise," said Michael C. Arnold, president - Industrial Group. "As part of these actions, we have focused on deploying our assets to achieve profitable growth and to maximize value for our shareholders. By evaluating the strategic options for the Standard Plant, we are continuing to pursue this direction."Timken will continue to serve its customers and ensure continuity of supply as it explores options for the plant. When plans for the Standard Plant are finalized, an announcement will be made.
(TIMKEN news)
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