Timken Finalist for New Business Market
Lincoln County – Lincoln Economic Development Association presented before the Board of Commissioner an incentive grant request on May 4th on behalf of The Timken Company. The board approved the incentive grant of $51,870.00 over a five year period for a machinery and equipment expansion. This new equipment line is part of Timken’s recovery plan in order to provide an opportunity to rehire at least 30 employees. Per receiving the approval for this incentive grant, the Lincolnton Bearing Plant remains a finalist toward a new business venture and a decision should be made within the next few months.
“Timken has provided many opportunities in the past to help improve the quality of life throughout Lincoln County; by creating a recovery plan and being able to possibly rehire many employees who have been dedicated through the years is just one more example of how Timken supports our community.” says, Pete Acker, chair of the Lincoln Economic Development Association.
Crystal Gettys, existing business manager, Lincoln Economic Development Association, “We are excited that there may be some options for Timken in order to recover from a difficult year; this is good news and is coming at a good time.”
Lincoln Economic Development Association is a private, 501c(3) non-profit corporation charged with facilitating industrial, office and commercial development in Lincolnton and Lincoln County. LEDA’s mission is to foster an economic environment that promotes an increased tax base and enhances the standard of living by creating better jobs for the citizens of Lincolnton and Lincoln County. The organization’s goals include expanding existing business and industry, developing and encouraging investment by new business and industry and fostering cooperation between business, government, schools and the community.