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Timken to Invest Extra $27M in N.C. Plant

Resource from:  CBCC Likes:2940
Nov 07,2005
CANTON, Ohio (AP) - Timken Co. said it will invest an additional $27 million in its Randleman, N.C. bearing plant, resulting in the creation of 50 jobs. The ball bearing and steel component maker said it will increase the size of the Asheboro-area plant by about 35 percent, and it expects to receive $1.4 million in state and local tax incentives for the expansion. The 150,000-square-foot facility, which produces tapered roller bearings, opened in 1994 and currently employs 230 people. The expansion project is expected to begin in 2006 and will take 18 months to complete. Analysts polled by Thomson Financial expect the company to earn 63 cents per share for the fourth quarter. In midmorning trading, shares of Timken dipped 4 cents to $29.12 on the New York Stock Exchange.
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