Timken divests tooling plant
Canton, OH -- July 24, 2002 -- The Timken Company has sold its Ashland Tooling Plant to Ashland Precision Tooling,...
Canton, OH — July 24, 2002 — The Timken Company has sold its Ashland Tooling Plant to Ashland Precision Tooling, LLC. Located in Ashland, Ohio, the facility employs approximately 85 people.
As part of its manufacturing restructuring initiative, Timken previously announced its intent to sell the Ashland facility as well as its plan to close bearing plants in both Columbus, Ohio and in Duston, England. The Columbus plant ceased operations last November and the Duston plant is expected to cease operations later this year.
Central to Timken’s transformation initiative is achieving $100 million in annual cost savings and providing a stronger foundation for profitable growth.
The Ashland facility produces a variety of tooling, primarily for Timken’s industrial and automotive businesses. The decision to sell the facility resulted from the fact that manufacturing of tooling is not a core company business.
“It has been our intention to sell the Ashland plant as an ongoing business to a qualified tooling manufacturer that would operate it as an independent tooling business, capable of offering employment,” said James W. Griffith, president and chief operating officer. “Ashland Precision Tooling, LLC meets this criteria.
“The decision to sell the Ashland plant was difficult,” said Griffith. “Over the years, associates have made countless contributions and we are very appreciative of their efforts. We are encouraged that this sale will lead to a stronger future for associates and the Ashland plant.”