Timken today announced its intention to exit its European seamless steel tube manufacturing operations located in
‘The proposed action is part of the company’s strategy to focus on lines of business that produce differentiated products while driving profitable growth,’ said Salvatore J. Miraglia, Jr, president of Timken’s Steel Group. ‘Exiting this business would further advance the focus of the Steel Group on differentiated products that deliver value to both customers and shareholders.’
The Desford facility generated sales of approximately $85 million to $95 million in recent years but has not been profitable. It manufactures seamless steel tube for machining and mechanical applications, primarily serving the bearing industry in
In conjunction with the proposed exit of the business, Timken intends to sell some portion of the plant’s assets and secure an alternative source of steel tube for its European bearing operations.