MRO Magazine

Timken gets additional anti-dumping payment

Canton, OH -- The Timken Company will receive an additional US$7.7 million payment under the U.S. Continued Dumping...


Industry

March 18, 2004
By MRO Magazine
MRO Magazine

Canton, OH — The Timken Company will receive an additional US$7.7 million payment under the U.S. Continued Dumping and Subsidy Offset Act (CDSOA) as the company’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 anti-dumping cases to qualifying domestic producers where the domestic producers have continued to invest in their technology, equipment and people.

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