Timken invests $27 million

Timken today announced plans to invest approximately $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.

"This is among our most technologically advanced facilities, and we look forward to using the additional capacity to increase the value we are able to deliver to our customers," said Michael C. Arnold, president - Industrial Group.

Timken's facility near Asheboro, which opened in 1994, currently has 150,000 square feet of space and employs approximately 230 people. The plant produces highly engineered tapered roller bearings used in high-value industrial applications.

The expansion project, which will begin in early 2006 and is anticipated to take approximately 18 months to complete, will benefit from approximately $1.4 million in state and local government incentives.