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The Timken Co., Canton, OH, 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 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 has operations in 27 countries, sales of $4.5 billion in 2004 and 26,000 employees.
Koch Industries Inc., Wichita, KS, said its subsidiary Koch Forest Products Inc. will buy building-products and paper maker Georgia-Pacific Corp., Atlanta, GA, for $48 a share in a deal worth $13.2 billion. Included in the transaction are all assets of Georgia-Pacific, including its North America and international consumer products segments, as well as its packaging, building products, paper and bleached board segments.