Timken Company to Close Rockford Plant Within 3 to 5 Months
Resource from: TIMKEN news Likes:3042
Jul 17,2003
As part of its continuing strategy to focus its plants to be globally competitive in the product that each manufactures and integrate its acquisition of Torrington, The Timken Company today announced it will close the Rockford Plant in Rockford, Ill., within the next three to five months. The plant employs 32 people. Implementation of Timken's global manufacturing strategy has included rationalization of Timken's worldwide operations to improve customer service and reduce asset intensity."Making the decision to close the Rockford plant has been difficult, but it is one that we can't avoid," said Michael J. Connors, director of manufacturing - industrial. "As a result of weakening industrial markets and the increasing availability of low-cost imports, the plant has been losing money for some time."The Rockford Plant, which makes radial ball bearings for general industrial and consumer durable applications, had suffered from low-priced imports that have entered the country in increasing quantities. Despite the closing of the Rockford facility, Timken will continue to ensure an uninterrupted supply of products to its customers."The decision to close the plant was only done after careful study of the market and the future of this type of product," said Mr. Connors. "We deeply regret the disruption this action will cause in the lives of our associates and in the community. These associates have made numerous contributions to the company and we are grateful for all of their efforts. We will be providing assistance to them as their employment with Timken ends."Earlier this year, The Timken Company acquired the former Torrington Company, which included the Rockford Plant. The plant was opened in 1989.
(TIMKEN news)
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