Timken Sales Up Slightly in 3Q
The Timken Company, Canton, OH, reported sales of $1.27 billion in the third quarter, up slightly from the same period a year ago. Strong sales in industrial markets were largely offset by significant declines in automotive markets.
"Our industrial and steel businesses performed well in the third quarter with industrial markets continuing to drive strong demand for our products," said James W. Griffith, president and CEO. "Dramatic volume reductions are posing significant challenges across the North American automotive market. We are taking actions to adapt to the decline in demand and will continue to pursue structural changes to bring our automotive business to profitability."
For the first nine months of 2006, sales were $4 billion, an increase of 3% from ...