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The Timken Co. recently realigned into two major business groups to boost operational performance and accelerate earnings growth.

The Steel Group will continue to be managed by group President Salvatore Miraglia Jr. and the Bearings and Power Transmission Group will be headed by Michael Arnold, who’s been named executive vice president and group president. In addition, Timken named Jacqueline Dedo senior vice president of innovation and growth to oversee strategic initiatives aimed at accelerating growth.

The new bearings/power transmission group includes four divisions:
• Mobile Industries, comprising rail, off-highway, agriculture, heavy truck and passenger car and light truck markets;
• Process Industries, comprising heavy industry, power transmission and energy markets;
• Aerospace & Defense, comprising friction-management and power-transmission sectors; and
• Distribution & Services, covering bearings, seals, grease, condition monitoring and other products and services offered through worldwide distributors.

The changes are projected to save the company $10 million to $20 million annually.

“We expect to benefit from faster, more effective decision-making and less complexity in all parts of our business, allowing us to drive further improvement in our financial performance,” said Timken President and Chief Executive Officer James Griffith in a prepared statement.