Shop Now!The Timken Company Announces Agreement to Sell Assets at Connecticut Plant
Oct 01, 2003 at 12:00 AM EDT
(Canton, OH – October 21, 2003) – The Timken Company (NYSE: TKR) today announced that it has reached an agreement in principle with Roller Bearing Company of America Inc. (RBC) for the sale of Timken's airframe business, which includes certain assets at its Standard Plant in Torrington, Conn.
The company announced in August that it was exploring options for the plant, focusing on selling the business. "The fixed-wing airframe product line is not a strategic business for Timken. Selling it to a buyer that is better positioned to compete in that product line offers the plant and its associates the best chance to stay competitive and preserve jobs,” said Michael C. Arnold, president – Industrial Group - The Timken Company. “The sale takes us out of the catalog aerospace market and allows us to concentrate on bringing greater value in specialty, precision aerospace products for engines, gearboxes, auxiliary power units, landing wheels and instrumentation and all helicopter bearing applications.
“RBC focuses on the kind of higher volume, catalog product made at the Standard Plant. The plant manufactures aircraft control bearings, aircraft rod ends, radial bearings and aircraft track rollers.
The agreement in principle calls for Timken to cease airframe manufacturing and separate the operative workforce of approximately 190 associates in the next 60 days. Upon completion of the sale of Standard Plant assets, estimated for December 2003, RBC would begin hiring the workforce needed to operate the plant.
“We are the right company to buy the airframe business at the Standard Plant,” said Michael J. Hartnett, president and CEO of RBC. “The business complements our own line of products for the aerospace industry. We are committed to making the Standard Plant competitive and profitable.”
“We have met with the associates at the Standard Plant and the local union to explain the situation and will keep them informed of the progress of the sale,” said Mr. Arnold.
Timken acquired The Torrington Company, including the Standard Plant, in February 2003. As part of the integration, Timken has been reviewing all its operations to focus on the most strategic activities that will bring value to customers and shareholders.
Founded in 1919, RBC is a global manufacturer of standard and custom-engineered bearing products for a diverse group of industries, including: aerospace, construction, mining, material handling, transportation, automation and robotics, machine tool, and semiconductor equipment manufacturing.
The Timken Company (www.timken.com) is a leading international manufacturer of highly engineered bearings, alloy and specialty steels and components, and a provider of related products and services. Following its February 2003 acquisition of The Torrington Company, Timken employs 28,000 people worldwide in operations in 29 countries. In 2002, the combined companies had sales of approximately $3.8 billion.
The company announced in August that it was exploring options for the plant, focusing on selling the business. "The fixed-wing airframe product line is not a strategic business for Timken. Selling it to a buyer that is better positioned to compete in that product line offers the plant and its associates the best chance to stay competitive and preserve jobs,” said Michael C. Arnold, president – Industrial Group - The Timken Company. “The sale takes us out of the catalog aerospace market and allows us to concentrate on bringing greater value in specialty, precision aerospace products for engines, gearboxes, auxiliary power units, landing wheels and instrumentation and all helicopter bearing applications.
“RBC focuses on the kind of higher volume, catalog product made at the Standard Plant. The plant manufactures aircraft control bearings, aircraft rod ends, radial bearings and aircraft track rollers.
The agreement in principle calls for Timken to cease airframe manufacturing and separate the operative workforce of approximately 190 associates in the next 60 days. Upon completion of the sale of Standard Plant assets, estimated for December 2003, RBC would begin hiring the workforce needed to operate the plant.
“We are the right company to buy the airframe business at the Standard Plant,” said Michael J. Hartnett, president and CEO of RBC. “The business complements our own line of products for the aerospace industry. We are committed to making the Standard Plant competitive and profitable.”
“We have met with the associates at the Standard Plant and the local union to explain the situation and will keep them informed of the progress of the sale,” said Mr. Arnold.
Timken acquired The Torrington Company, including the Standard Plant, in February 2003. As part of the integration, Timken has been reviewing all its operations to focus on the most strategic activities that will bring value to customers and shareholders.
Founded in 1919, RBC is a global manufacturer of standard and custom-engineered bearing products for a diverse group of industries, including: aerospace, construction, mining, material handling, transportation, automation and robotics, machine tool, and semiconductor equipment manufacturing.
The Timken Company (www.timken.com) is a leading international manufacturer of highly engineered bearings, alloy and specialty steels and components, and a provider of related products and services. Following its February 2003 acquisition of The Torrington Company, Timken employs 28,000 people worldwide in operations in 29 countries. In 2002, the combined companies had sales of approximately $3.8 billion.