Timken Company Proceeds with Second Phase of Transformation; Names Plants it Plans to Close, Sell

    CANTON, Ohio, April 26 Last week, The Timken Company
announced the second phase of its transformation to a global
enterprise.  This next phase will be emphasizing a new manufacturing strategy,
including an aggressive reduction in the company's costs and asset base.
Central to this initiative is achieving $100 million in annual cost savings
and providing a stronger foundation for profitable growth.
    (Photo:  http://www.newscom.com/cgi-bin/prnh/19991012/TKRLOGO )
    In last week's announcement, the company said it planned to close two
plants and sell a third.  Today the company named those facilities.  It
intends to close bearing plants in Columbus, Ohio and in Duston, England and
to sell a tooling plant in Ashland, Ohio.
    The Columbus plant employs about 219 associates, Duston 950 and Ashland
115.
    "The decisions on these plants did not come easily.  We deeply regret the
disruption these actions will cause in the lives of the associates who work in
these plants," said James W. Griffith - president and chief operating officer.
"These associates have made innumerable contributions and have earned our
respect.  We are very grateful for all of their efforts.  We will be providing
assistance to them as their employment with Timken ends."
    The company's intent is to continue operating the Columbus plant and
Duston plant for periods ranging from 6 to 20 months.  During that time, plans
will be implemented to transfer production processes to other plants in the
Timken global manufacturing system.
    "We will continue to monitor the performance of all of our plants," said
Mr. Griffith. "Our goal is to create a network of focused factories, every one
of which is competitive globally.  Each of these facilities will specialize in
manufacturing a reduced range of products to increase operating efficiencies
and improve service to customers.  They will be established as centers of
expertise in their respective product lines."
    Those changes will affect production processes and employment as the
company reduces positions by about 1,500 during the next two years.
    "In the end," said Mr. Griffith, "our aim is to assure a second century of
success, to build a stronger foundation for our company's growth -? growth
that will benefit associates, customers and shareholders."
    The Timken Company ( http://www.timken.com ) is a leading
international manufacturer of highly engineered bearings, alloy and specialty
steels and components, as well as related products and services. With
operations in 24 countries, the company employs about 20,500 people worldwide
and recorded 2000 sales of U.S. $2.6 billion.
    Certain statements in this news release that are not historical in nature
are forward-looking. In particular, statements regarding the amount of savings
the company expects to realize as a result of the transformation plan
described in this release are forward-looking.  The company cautions that
actual results may differ materially from those projected or implied in
forward-looking statements due to a variety of important factors, including
the company's inability to achieve the expected benefits of its transformation
program and unexpected costs related to the implementation of the
transformation.  These and additional important factors are described in
greater detail in the company's 2000 Annual Report, page 39, and in the
company's Annual Report on Form 10-K for the year ended December 31, 2000.
The company undertakes no obligation to update any forward-looking statement.

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