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Chairman W.R. Timken, Jr. introduced the President to the crowd of associates, local and regional government officials, and a select group of area small business owners who met with the President for 20 minutes before his address.
The body of President Bush's remarks focused on components of his $550 billion economic plan. Specifically, he spoke of lowering taxes for families and small business owners. He also said that this, coupled with the elimination of the double taxation on dividends, is the "best way to make sure this economy grows."
President Bush's visit to Timken was the second by a United States president at the company's Canton, Ohio headquarters. In September 1984, President Ronald Reagan visited Timken to commemorate the opening of the company's new Faircrest steel manufacturing facility.
The Timken Company (NYSE: TKR) ( www.timken.com ) is a leading international manufacturer of highly engineered bearings, alloy and specialty steels and components, and a provider of related products and services. Following its February 2003 acquisition of The Torrington Company, Timken employs 28,000 people worldwide in operations in 29 countries. In 2002, the combined companies had sales of approximately $3.8 billion.