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The Timken Company (NYSE: TKR), Canton, Ohio, has agreed to form a joint venture with United Wagon Company, a Russian manufacturer of freight cars, to manufacture Timken AP-2 rail bearings in Russia. As part of the agreement, Timken and UWC will establish dedicated manufacturing capacity, with construction expected to start within the next several months.
"The Russian and CIS rail markets present an incredible growth opportunity for Timken as the region is rapidly modernizing its fleet to support its expanding economy," said Brian Ruel, Timken vice president for rail, off-highway and light vehicle systems.
Russia expects to acquire nearly one million new freight cars by 2030 as part of an aggressive investment program to renew and upgrade its rolling stock.