The Timken Company and United Steelworkers Begin Early Contract Negotiations
CANTON, Ohio, July 21 -- This is being issued as a joint statement by The Timken Company and the United Steelworkers of America: The Timken Company and United Steelworkers union have agreed to enter early formal negotiations over the current labor contract, which expires in September 2005. The current contract includes associates in steelmaking operations in the Canton district, in addition to the company's bearing plants in Canton.
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The company announced the decision to begin the closure of the Canton bearing plants earlier this year. A favorable new labor contract could mitigate the impact of the plant closures on employment.
Consistent with prior practice, there will be no further comments until discussions are completed.
The Timken Company ; ( www.timken.com ) is a leading global manufacturer of highly engineered bearings and alloy steels and a provider of related products and services with operations in 27 countries. A Fortune 500 company, Timken recorded 2003 sales of $3.8 billion and employed approximately 26,000 at year-end.
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