Timken Receives Payment Under U.S. Trade Law

Resource from: www.timken.com Likes:2987

Feb 23,2004

The Timken Company has been notified by the U.S. Government it will receive an additional $7.7 million payment under the U.S. Continued Dumping and Subsidy Offset Act (CDSOA). This amount is Timken's portion of the payment related to the Torrington bearing business acquired by Timken in February 2003. Timken will use the proceeds of the payment to continue reducing debt levels. The CDSOA provides for distribution of monies collected by U.S. Customs from antidumping cases to qualifying domestic producers where the domestic producers have continued to invest in their technology, equipment and people.

(www.timken.com)

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