Timken Will End Torrington Presence

Resource from: CBCC Likes:2977

Dec 05,2006

The Timken Company (USA; NYSE: TKR) formally revealed its long-expected move to end all operations in Torrington, Connecticut. When Timken acquired the Torrington bearing company and its related manufacturing businesses in 2003 from Ingersoll-Rand, several key operations were still located in Torrington's namesake hometown. Gradually, Timken has sold off, moved or shuttered all of the Torrington-area production and capabilities it acquired, including the historically important but aged Torrington Standard plant. The primary Torrington location Timken inherited was the massive 33-acre Field Street complex, with offices and manufacturing facilities. All production at both the Standard Plant and Field Street facilities has been ended and/or moved to other Timken facilities. What little had remained at Field Street was further hurt by continuing soft demand in Timken's automotive-related markets. In 2005, Timken began winding down its Torrington presence, eliminating 190 positions with a target of only 150 workers remaining by mid-2006.

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