Timken Workers Reject Agreement

Resource from: Timken Likes:2973

Jan 16,2012

CANTON, Ohio, Jan. 15, 2012 /PRNewswire/ -- The Timken Company (NYSE: TKR) reports that members of United Steelworkers Local 1123 based in Canton failed to ratify a tentative agreement between their bargaining representatives and the company. The contract offered to the workers included wage and benefit increases, a signing bonus for ratification and additional job security measures. Said Timken Steel Business President Salvatore J. Miraglia, "Many parts of this company are growing and expanding around the world. We are disappointed in this outcome because the contract was a necessary step before our commitment to invest $225 million in steel operations in Canton." Miraglia noted that the existing contract remains in effect until Sept. 2013. The company will be evaluating other investment opportunities in bearing and power transmission markets and operations around the world to support the company's overall growth strategy.

(Timken)

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