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Timken Investing Million in Package Bearing Project at Lincolnton Plant

Thursday, January 19, 2006

Timken plant manager Todd Lautzenheiser announced The Lincolnton Bearing Plant has been awarded a $17 million dollar Package Bearing project. This will include an additional manufacturing line, which will consist of hub manufacturing, hub finishing and hub assembly operations. This project, which will come online in January 2007, is expected to generate at least 40 new jobs.

The additional Package Bearing capacity will produce wheel end assemblies for various automotive customers. This product is typically used on several light truck and SUV applications

The Lincoln County Board of Commissioners helped solidify the project by offering Timken an incentive grant. The company will receive approximately $320,250, which will be paid out in equal installments over a five-year period. Tom Anderson, chairman of the Lincoln County Board of Commissioners commented, “We congratulate the Lincolnton Bearing Plant on winning this project for Lincoln County. Timken has been, and continues to be a very generous supporter of numerous endeavors in Lincoln County and we are pleased our efforts to support this vital industry contributed to their success in gaining this additional work for the Lincolnton Plant.”

In a memo to Timken associates, Lautzenheiser commented on the success of the facility and its associates. “The success of package bearing production and core support throughout the plant, as well as excellent customer and community support, contributed to Timken’s decision to put the investment in this facility. Thank you for your performance and for supporting the teams working towards the successful launch of this new program. Everyone’s help and improvement ideas are necessary to continuously improve plant performance to keep us competitive in the global economy and allow us to continue to grow.”

2006 has started off strong for Lincoln County’s existing industry. The Timken announcement comes only one week after a $38 million announcement by Cataler North America. “This is proof positive as to why Lincoln Economic Development Association (LEDA) has made working with existing industry its top priority,” commented Laura Foor, existing business manager, LEDA. Anderson added, “This demonstrates yet again the benefit of our continuing focus on our existing industry partners and the contributions they make to the economic well being of Lincoln County’s workforce.”

The Timken Company is headquartered in Canton, Ohio and makes highly engineered bearings and alloy steels. Locally Timken employs approximately 790 associates, making it Lincoln County’s second largest industrial employer.

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