County Seeks to Entice Timken with Incentives
County commissioners Monday night approved two incentive packages that they hope will entice an international company to make millions of dollars in investments to its Lincoln County plant. The Timken Company, based out of Canton, Ohio, is looking to add two new manufacturing lines to one of its plants. The Lincolnton Bearings Plant is in the running for the two lines, which would add at least 30 new jobs, paying an average of $15 per hour. Commissioners agreed to offer Timken nearly $245,000 if the company chooses Lincoln. The grants would be paid out annually over a five-year period. The incentives could likely play a role in the company’s decision, said Laura Foor, existing business coordinator for Lincoln Economic Development Association. “Timken is competing with other facilities for these two projects, and what they’re hoping this grant will do is be an incentive for Timken’s corporate offices out of Ohio,” Foor said. “The grants have been one of the determining factors in giving Lincoln some of the other projects they’ve gotten.” In March, the Board of Commissioners approved grants for a $3.5 million equipment and machinery expansion that created 20 new jobs. In June 2002, Timken made a $16.3 million investment in the plant to expand its manufacturing technology, after the county offered an incentive package. The upgrade created 44 jobs. “This is just another example of the county’s commitment to working with existing industry,” Foor said. Timken employs 640 people full-time. Sixty percent of those are Lincoln County residents.