TimkenSteel Management Team Discusses Business Strategy and Outlook at Investor Meeting – On June 19, members of the executive management team of TimkenSteel Corporation hosted an investor meeting to share their vision and value-creation strategy for the company in advance of its planned spinoff from The Timken Company. TimkenSteel focuses on special bar quality (SBQ) steel and seamless mechanical tubing—high-end alloy steel designed for demanding applications in smaller but more profitable niches within the overall market. These products as well as its value-added supply chain solutions are tailored for each customer need. Tim Timken, chairman, CEO and president, spoke about how TimkenSteel’s unique business model differentiates the company from its competitors and includes: a problem-solving culture that delivers tailored solutions; a target of demanding applications that require unique product and process capabilities; continuous innovation creating ongoing opportunity; and a focus on end markets and customers to produce profitable growth. “We focus on customizing SBQ solutions for the most demanding applications that endure high temperature, stress, torque or corrosion. That’s where we deliver the most value,” Timken said. “As a result of our innovation and expertise, 30% of our product offerings were introduced within just the past five years.” TimkenSteel Corporation (timkensteel.com) became an independent publicly traded company upon its spinoff on June 30 and now trades under the symbol TMST on the New York Stock Exchange. To learn more about the business outlook, click on this Timken press release.

The Timken Company Announces Major Investment to Accelerate Product Development and Line Extension – On June 11, The Timken Company announced that it had fundamentally redesigned its engineering, product management and business systems teams, bringing together talent and tools in a new way to drive development of its product lines and advance its technical capabilities to better meet customer needs. “We’ve been tapered rolling bearing experts since our founding,” said Richard G. Kyle, president and CEO of The Timken Company. “We’re announcing a major move taking us more deeply and more broadly into our targeted market space, a move intended to firmly position us among our customers as a full-line leader in industrial bearings and power transmission products and services.” Kyle said that the company is committing $60 million to its DeltaX Initiative, a multi-year investment designed to dramatically improve the company’s concept-to-commercialization efforts. Starting with the appointment of three senior-level product line executives and a new research and development leader, the company sees DeltaX as one means to help it accelerate growth and further strengthen the organization’s ability to capture strategic opportunities that address customer’s needs. The company expects to increase the number of new products and features it introduces to the market by approximately 30%, and to hire nearly 200 engineers and related technical resources over the next three years to help fuel development of newly designed products and processes. To learn more about the three product lines and Timken’s research and development team, click here.

Resco Products Adds Space, Workers at Plant – Resco Products is adding about 30 employees to its production force as it expands its local plant in the 6800 block of Osnaburg St. in Osnaburg Township. Resco Products produces bricks and refractory products. Customers for its products include the steel industry, which uses the bricks in furnaces. The company, which has its corporate base in Pittsburgh, is adding 1,625 square feet to its plant, which sits on a 21.8 acre parcel just southeast of East Canton. Estimated cost of the project is $588,000, according to Stark County building plans. Excluding the new hires, Resco Products’ local workforce is about 60 hourly and 20 salaried employees. Resco recently acquired assets of a Clayburn Industries plant in Grantsville, Maryland. The company is bringing that work to Stark County. To read more about the expansion, click on this Canton Repository article.

Southwest Airlines Converts Destinations and Adds Flights from Akron-Canton Airport – In June, Southwest Airlines converted four more destinations and added flights from Akron-Canton Airport (CAK). Southwest, the busiest airline operating out of CAK, now offers eight daily nonstop flights from the airport. Destinations with new or additional Southwest service from Akron-Canton include Boston (Logan), New York (LaGuardia), Orlando and Denver (a second seasonal round trip). “Southwest.com is now the go-to Website for CAK travelers seeking a great airfare to their favorite destination,” said Rick McQueen, president and CEO of Akron-Canton Airport. “With nearly 900,000 customers flying Southwest Airlines from CAK every year, we couldn’t be more pleased to celebrate their success in our market.” Southwest will take over all routes to/from CAK on November 2, 2014, as well as add a daily nonstop flight to Ronald Reagan Washington National Airport. The last AirTran Airways flight from CAK will be to Atlanta on November 1. CAK’s airfares are the 15th lowest in the U.S., according to the U.S. Department of Transportation, Bureau of Transportation Statistics. To read more about the Southwest conversion, click on this CAK press release.

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