Timken Sees 15% Increase in 2005 Sales
The Timken Company, Canton, OH, had record sales of $5.2 billion in 2005, up 15% from a year ago. Profit in 2005 increased sharply to a record $260.3 million, from $135.7 million.
"In 2005, demand across a broad range of industrial markets drove record sales. The combination of strong markets and our execution translated into significantly improved results," said James W. Griffith, president and CEO. "We have made considerable strides in our efforts to structurally improve Timken's profitability. We continued that process in 2005 by launching several key initiatives to position the company for continued success."
During 2005, the company:
Leveraged demand and implemented surcharges and price increases to recover high raw ...