Home » Timken Co. to invest $27M in NC bearing plant
Timken Co. to invest $27M in NC bearing plant
November 14, 2005
The Timken Co., Canton, OH, today announced plans to invest about $27 million in its Asheboro bearing plant in Randleman, N.C., enabling expanded manufacturing of tapered roller bearings, principally for industrial applications. Timken plans to add 50 new jobs and increase the size of the Asheboro-area plant by over 35 percent as part of the project.
Timken's facility near Asheboro, which opened in 1994, currently has 150,000 square feet of space and employs about 230 people. The plant produces highly engineered tapered roller bearings used in high-value industrial applications, with an emphasis on versatility and substantially shortened product development and manufacturing cycle time.
The expansion project, which will begin in early 2006 and is anticipated to take about 18 months to complete, will benefit from about $1.4 million in state and local government incentives. Timken also has manufacturing facilities in Columbus, Lincolnton and Rutherfordton, N.C. Timken has operations in 27 countries, sales of $4.5 billion in 2004 and 26,000 employees.