Equipment Expansion for Timken is Commitment to Lincoln County Facility
Lincoln County, N.C. – Timken has announced plans for an equipment expansion at its Iron Station, North Carolina location. The bearing manufacturer which employees over 600 people is planning for increased production in their manufacturing of hub assemblies specifically for application in the automotive industry. The project is expected to be in production in 2015.
With the added production, Timken plans to invest over $11 million dollars in the project. Lincoln Economic Development Association presented a request to the County Commission on Monday, April 20, 2015 for approval of incentives for the project per the qualifications of the Lincoln County Incentive Grant Program for industries. Based upon the agreement, Timken will receive $39,430.00 per year for five years from Lincoln County once the total $11 million dollar investment is made.
Chair, Lincoln Economic Development Association, Bo King says, “It is always exciting to see our local businesses thrive. Timken is one of Lincoln County’s largest employers as well as a generous contributor to our community; by their product line expanding, it shows stability within their industry; I am delighted to see this expansion for Timken.”
“We are pleased that Timken has decided to make this additional investment in their Iron Station facility. Such decisions by our existing industries indicate great promise for the future of Timken employees in Lincoln County. We look forward to the success of this new undertaking and the continued success of Timken here in Lincoln County.” says, Carroll Mitchem, Chair, Lincoln County Commissioners.