Timken To Receive Payment Under U.S. Trade Law
Resource from: www.timken.com Likes:2948
Dec 07,2004
CANTON, Ohio, Dec. 3 /PRNewswire-FirstCall/ -- The Timken Company has been notified that it will receive payments of $39.7 million under the U.S. Continued Dumping and Subsidy Offset Act (CDSOA). Timken expects to receive these payments in 2004 and to use these proceeds for general corporate purposes and to reduce debt. The payments include $6.5 million related to the Torrington bearing business acquired by Timken in February 2003.
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The CDSOA provides for distribution of monies collected by U.S. Customs from antidumping cases to qualifying domestic producers that have continued to invest in their technology, equipment and people. It is the fourth year the company has received a payment under CDSOA.
"Maintaining a strong industrial base is imperative to our economic and national security," said James W. Griffith, president and chief executive officer. "Ensuring international trade that is free of dumping is important to enable manufacturers to continue making significant investments in research and development, facilities and workforce training that are necessary to maintain global competitiveness."
A leading manufacturer of highly engineered bearings, Timken qualified for a distribution of monies based upon the company's consistent U.S. investments in production technology to remain competitive globally. During the past five years, the company has spent more than $250 million on research and development to support bearing and steel programs and improve manufacturing processes.
The Timken Company (NYSE: TKR); ( http://www.timken.com ) is a leading manufacturer of highly engineered bearings and alloy steels and a provider of related products and services. A Fortune 500 company, Timken recorded 2003 sales of $3.8 billion and employed approximately 26,000 at year-end.
(www.timken.com)
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