Timken Awarded $20 Million for Hybrid Bearing Development

CANTON, Ohio, July 22 -- The Timken Company was awarded $20 million in federal funding beginning immediately to develop versatile affordable advanced turbine engine (VAATE) phase 1 hybrid bearings for aerospace engines. This is the first contract issued with Timken under the VAATE program for hybrid bearings.

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The VAATE program is a joint initiative between the Department of Defense, Department of Energy, NASA and the U.S. aerospace industry. One of the program's goals is to increase the affordability of new turbo-propulsion technology over the year 2000 state-of-the-art technology

"Our initiative in launching this new and innovative technology supports Timken's growth strategy in advanced gas turbine mainshaft applications," said Salvatore Miraglia, senior vice president - technology. "Timken is proud that we have been asked to play a key role in developing these new technologies. We have been advancing technologies in the aerospace business for a long time. Timken previously helped develop a special bearing for the JSF X-35 fighter that was critical in achieving vertical takeoff -- a key element to the aircraft."

Currently, $1.157 million of these funds has already been obligated for 2003 and will be targeted initially at materials development and testing. Additional development efforts in modeling, testing, sensors and integrated components will follow.

"We look forward to working together with others in the aerospace industry," said James Griffith, president and CEO, "and we're very excited about playing a key role in advancing the current state of bearing technology to make the next generation of turbine engines a reality."

Timken supplies cylindrical and tapered roller bearings and ball bearings to the Department of Defense and other government agencies, primarily for applications in flight hardware.

The Timken Company ( www.timken.com ) is a leading international manufacturer of highly engineered bearings, alloy and specialty steels and components, and a provider of related products and services. Following its February 2003 acquisition of The Torrington Company, Timken employs 28,000 people worldwide in operations in 29 countries. In 2002, the combined companies had sales of approximately $3.8 billion.