Timken Company to close Altavista plant
Resource from: Lynchburg News and Advance Likes:243
Mar 18,2016
A major company in Campbell County will be closing its Altavista plant within a year.
Altavista Town Manager Waverly Coggsdale III confirmed Thursday he learned of the closure after speaking with the local plant manager Thursday morning.
“They’ve always been a member of our community,” he said.
The plant lies over the Altavista town line in Campbell County.
A company statement said the consolidation would affect up to 125 full-time and part-time employees.
“The company expects to add positions at the Lincolnton plant. The Altavista team is being encouraged to consider joining the Lincolnton team or apply for other available positions across the company,” the statement said.
Timken indicated it was streamlining its corporate footprint by moving the local operations to a plant in Lincolnton, North Carolina, “making the most effective use of assets and resources.”
The Timken Company makes bearings, transmissions, gearboxes, belts and chains, and offers power train rebuilding and repair services, according to its website.
It has more than 14,000 employees in 29 countries.
Altavista Economic Development Director Dennis Jarvis said the closure will have a regional impact with the community losing a vital member.
“Timken is on the [Altavista Chamber of Commerce] board of directors, they sponsor things in sports, a great community partner,” he said.
Quite a few restaurants, including the new Tuscan Italian Grill, have popped up in a nearby shopping center which Jarvis said will see an impact.
He added Timken will work with the Virginia Employment Commission and with the town in assisting employees with training opportunities and to move forward.
“What was conveyed to me … this was the best business model for them to stay competition, stay lean. It’s sad for the company, sad for employees,” Jarvis said.
The Timken Co. announced a 50-employee, $10.3 million expansion in 2006. It was offered more than $275,000 in state and county incentives.
In 2011, Campbell County Economic Development Director Michael Davidson told The News & Advance rising gas prices caused a decrease in demand for four-wheel drive vehicles and the parts the company makes.
The company fell short of its job growth goal after the expansion, and paid back the portion of its incentives required, he said.
According to The New York Times, Timken split its steel and bearings manufacturing into two companies.
Timken also has been known as a donor to many local charities and entities in the Lynchburg area. In 2013, the Timken Foundation of Canton, (Ohio) gave a $200,000 grant to the Academy of Fine Arts to help restore its Academy of Music Theatre. Amazement Square received a $100,000 grant from The Timken Company in 2014.
(Lynchburg News and Advance)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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