The Timken Company, a manufacturer of bearings, seals, lubricants and other products for machinery, says it will be investing $50 million to upgrade two facilities within its steel operations in Canton, Ohio.
The larger of the two projects, at Timkens Gambrinus steel plant, consists of installing a new intermediate finishing line, which will more efficiently handle both bar and tube products, and ultimately replace existing batch-style finishing processes at the plant when it is fully operational in 2013.
The more automated, continuous line will streamline our operations, improving manufacturing effectiveness as well as providing future marketplace opportunities, said Sal Miraglia, president - steel for Timken, in a press release.
The investment will also lead to the expansion of the companys steel lay-down yard at its Harrison Steel Plants small-bar mill.
The company noted that its steel group has seen a significant increase in demand across its markets, and 2010 sales are expected to increase by 70% to 80% compared to 2009. According to Miraglia, the investments in Canton have the goal of both meeting demand and continuing to improve the long-term competitiveness of our operations.
>There was no word as to how the investments would affect employment levels at the two operations.
According to the company, it has invested $200 million in its steel operations in just the last four years, including two new heat-treat lines and a scrap logistics system added between 2006 and 2007, a long-length tube line added in 2008 and a new small bar mill, which was commissioned at the Harrison plant in 2008.