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'This initiative positions us to work more effectively ...
'This
initiative positions us to work more effectively with our global customers by establishing manufacturing capacity in Asia
for small-size automotive product,' said James W. Griffith, president and chief operating officer. 'It also continues our
efforts to reduce our manufacturing costs by adding a low-cost source for these products. This joint venture with NSK will
help both of us grow profitably as independent companies.'
In April of 2001, Timken launched a manufacturing restructuring
that includes rationalizing its plant operations to create a global network of factories focused on producing specific product
lines or components. In addition, a major goal of the strategy is to reduce manufacturing costs by $100 million by the end
of 2004. 'We are on track to achieve our cost- reduction goal. This joint venture will further contribute to reducing costs
and increasing our global competitiveness,' Griffith said. 'Our fundamental goal is to create additional value for both our
customers and shareholders, and this joint venture will do precisely that.'
The new venture will supply Timken and NSK
with bearings made to each company's specifications. And each company will then market the product independently under their
respective brands.
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