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The Timken Company, Canton, OH, has been notified by the U.S. Treasury Department it will be receiving payment under the U.S. Continued Dumping and Subsidy Offset Act (CDSOA). The amount Timken is to receive is approximately $54 million.
The CDSOA provides for distribution of monies finally collected by the U.S. Customs Service from antidumping cases to qualifying domestic producers where the domestic producers have continued to invest in their technology, equipment and people. The Timken Company is one of many companies that have been notified it will be receiving this payment. It is the second year the company has received a payment under CDSOA.
"We applaud Congress and the administration for their continued support of CDSOA," said James W. Griffith, president and CEO of The Timken Company. "Maintaining a strong industrial base is critical for our country's economic health and particularly important for our national security. CDSOA is one of our nation's laws which helps to maintain a strong industrial base."
"As a company we annually invest more than $50 million in research and development. In addition we invest in our facilities and the training of our workforce to maintain our high standards," said Mr. Griffith.
A leading worldwide manufacturer of highly engineered bearings, Timken qualified for a distribution of monies based upon the company's consistent U.S. investments in technology to remain competitive globally in three types of bearing products -- tapered roller, ball and cylindrical.
The Timken Company is an international manufacturer of highly engineered bearings, alloy and specialty steels and components, as well as a provider of related products and services. With operations in 24 countries, the company employs about 18,100 people worldwide and recorded 2001 sales of U.S. $2.4 billion.