timken co (TKR) Key Developments
The Timken Company Opens New Timken Service Center in India
Dec 5 13
The Timken Company announced the opening of its new industrial service center in Raipur, in the state of Chhattisgarh, India. The 30,000-square-foot facility provides gear drive and bearing repair and upgrade services to meet growing customer demand in central India. The Raipur center is the company's first industrial service center in India to offer gear repair, and joins the Timken facility in Jamshedpur, India, as the second offering bearing repair.
Timken Aerospace Wins $1.36 Million Federal Contract
Dec 4 13
Timken Aerospace, Lebanon, N.H., won a federal contract valued at up to $1,363,983.60 from the Defense Logistics Agency's Defense Supply Center, Richmond, Va., for airframe roller bearings.
Timken Co. Announces Executive Changes
Nov 19 13
Timken Co. announced the election of Richard G. Kyle, age 48, as a director of the company, for a term that expires at the company's annual meeting in 2014. The election increased the size of the Timken board of directors to 13 members. Kyle, who was appointed chief operating officer in September 2013, currently oversees all aspects of the Timken bearings and power transmission business including the aerospace, process and mobile industries segments. At the time of that appointment, the Timken board of directors indicated it expects Kyle to succeed current Timken President and CEO James W. Griffith when he retires from the company and the board in 2014. Kyle began his career at Timken in 2006 as vice president of manufacturing and was named president of the aerospace and mobile industries segments in 2008. In 2012, Kyle was named group president of Timken, responsible for the aerospace and steel segments as well as the engineering and technology organization. Prior to Timken, Kyle held management positions with Cooper Industries and later was named vice president of operations for a division of Hubbell Inc.
Timken Declares Quarterly Dividend, Payable on December 5, 2013
Nov 15 13
The Timken Company board of directors declared a quarterly cash dividend of 23 cents per share. The dividend is payable on Dec. 5, 2013, to shareholders of record as of Nov. 25, 2013.
CBS Corporation Provides Updates on DEP Lawsuit
Oct 30 13
The Pennsylvania Department of Environmental Protection on October 29, 2013 sued three companies that it said were responsible for contamination of the former Everglade Iron and Steel Co. dump site in Hempfield, on which the state has spent more than $2.3 million. The 16-acre site 'was used as a layover point, or transfer station, for various scrap'. The DEP found that hazardous lead, cadmium, chromium, arsenic and PCBs had been released on the site. The lawsuit names CBS Corp., TDY Industries and The Timken Co. as defendants.