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The Timken Co. Aug. 1 announced more cost-cutting measures, including plans to lay off 300 salaried workers in North America and Western Europe by year-end.
The engineered-bearings manufacturer plans to further reduce its capital spending by delaying or scaling-back certain projects.
To save $100 million annually, Timken April 26 announced plans to close its Columbus, Ohio, and Duston, England bearing plants within six to 20 months; sell an Ashland, Ohio, tooling plant; and eliminate 1,500 jobs within two years.
"Since then, we have seen the economic environment for manufacturing continue to deteriorate, and we have continued to examine our own operations for additional opportunities to reduce costs structurally," said James Griffith, Timken president and chief executive officer, in a prepared statement.
Timken officials believe the salaried job cuts won't create additional charges against earnings. The company's latest actions are designed to reduce Timken's 2002 sales and administrative costs more than 5 percent compared with first-half 2001 expenses.
Despite its recent belt tightening, Timken by year-end plans to implement several growth-oriented initiatives, such as introducing new products, expanding its e-business and broadening its products and services through company affiliations.