The 2020 Mid-Year Economic Update_long

Timken to Cut 700 Jobs in Automotive Group

The Timken Company, Canton, OH, announced it would be cutting 700 jobs, or 5% of its Automotive Group employment. The manufacturer blamed the step on worsening conditions in the North American automotive industry.


Declines in North American automotive production are expected to negatively impact the company’s overall third-quarter and full-year 2006 results, which continue to benefit from the strength of global industrial markets.


“The widening decline in North American auto industry production has had a significant impact on our performance,” said James W. Griffith, Timken’s president and CEO. “This structural auto industry shift reinforces our resolve to diversify our corporate portfolio and customer mix. … We continue to advance our strategy to expand in global industrial markets, which is contributing to the strong overall performance of the company in 2006.”

More Breaking News

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.


articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events


articles left

This is your last free article

Subscribe to MDM Premium today and get:

  • Unlimited access to
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events



You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.