Timken To Invest $225 Million at its Faircrest Steel Plant in Stark County, Ohio – The Timken Company, headquartered in Canton, Ohio, announced it will move forward with a $225 million investment at its Faircrest Steel Plant. The newly ratified labor agreement with the United Steelworkers Local 1123 cleared the way for the investment. The specialty alloy steel manufacturer will improve productivity, expand its product range and increase capacity to serve growing demand for Timken specialty steel alloy bars. A new ladle refiner and large-bloom continuous caster are central to the productivity gains from the investment. The new equipment also is expected to increase the Faircrest operation’s shippable capacity by 25 percent and enable the production of a broader range of large-diameter bars. “We are seeing growing demand for Timken specialty steel to support the most demanding energy and industrial applications,” said Salvatore J. Miraglia, Jr., Timken president – steel. “This is the right time to make the kind of investment that will improve our operating performance while also expanding our capacity and size range for these products.” Timken, known for the reliability of its power transmission products that include bearings, gears and related components, cites its century-long steelmaking expertise as a key competitive differentiator. In 2011, the Timken steel segment melted 1.7 million tons of raw materials to generate $2 billion in sales of its custom-designed steel. To learn more about Timken’s investment, click on Timken’s press release.
Timken Announces New Office Complex – The Timken Company announced last week that it will invest $42 million in Stark County, Ohio, to build a new two-story office complex connected to its existing facility near the Akron-Canton Airport. The new 160,000 square foot building will bring together personnel from its Bearings and Power Transmission headquarters, currently located in leased facilities in downtown Canton, with their colleagues at the company’s global technology center. Construction will begin as early as April 2012 to accommodate a combined team of nearly 1,000 employees, from research and development, engineering, customer service, and the sales and marketing functions. Company officials foresee increased collaboration among employees at the new North Canton campus, thereby increasing the speed of innovation and levels of customer service when the project is completed in the fourth quarter of 2013. At that time, Timken will relocate 500 associates into the building. The company directly employs more than 4,000 people in Stark County, who are located at Timken’s global headquarters, Steel segment headquarters, steel plants and leased offices in Canton; steel and roller plants in Canton Township and Perry Township; and its technology center in Jackson Township. “The company has changed dramatically in the last decade, growing into new areas of mechanical power transmission and increasing the need for Timken people to work closely together to deliver exceptional value to our stakeholders,” said James W. Griffith, president and chief executive officer. “Timken is proud to have its global headquarters here in Stark County, and will continue to be a vital part of this community’s future.” To learn more about the Timken Company, click on the Timken Company Website.
Stark State College Slated To Receive $10 Million for New Downtown Campus and Energy Center – Stark State College anticipates receiving $10 million for a Downtown Campus and Energy Center in Canton that will serve the education and training needs of the emerging oil and gas industry and serve students and companies in Stark and surrounding counties. The award is expected to be part of the State of Ohio’s $400 million biennial capital budget for higher education that will be submitted to the Ohio legislature for final approval. Stark State developed and submitted the proposal in January under the leadership of Rep. Kirk Schuring and in collaboration with several community partners including the Stark Development Board and the Canton Regional Chamber of Commerce. “We are grateful to Gov. John Kasich, Rep. Schuring and our local legislative delegation and city officials for their enthusiastic support and efforts in championing this proposal that supports Stark State’s focus on education, training and economic development,” said Para M. Jones, PhD, president of Stark State College. Citing downtown Canton as a central location to provide training for the oil and gas industry that is emerging in Stark County and surrounding counties, Jones noted that the College already has in place several programs to support that industry, such as welding, hydraulics and pneumatics, blueprint reading, surveying, wastewater and water treatment, pipefitting and mechanical maintenance. In the energy field, Stark State College has for many years led in programming, training and research partnerships with international and world-renowned companies such as The Timken Company, Lockheed Martin and Rolls-Royce Fuel Cell Systems which has its global headquarters on Stark State’s campus. They are currently partnering with The Timken Company on the $11.8 million Wind Energy Research and Development Center at Stark State’s Emerging Technologies Airport Campus. To read more about this anticipated funding, click on Stark State’s press release.