The Timken Company will invest approximately $35 million to install a high-volume, in-line forge press at its Faircrest rolling-mill facility in Canton, Ohio. Slated to begin operation in early 2013, the addition of the in-line forge press will generate value by increasing capacity, lowering costs through improved yield, expanding product capabilities to meet more demanding ultrasonic specifications and reducing cycle times for larger products. The investment will provide particular value to customers in markets where Timken's high-performance steel products are most critical to performance in extreme operating conditions.
According to Timken, the open-die in-line press will be the first step of the forge-rolled process for all Faircrest products. Adding this step prior to rolling will provide better yield and production efficiencies. This investment comes on the heels of the $50 million commitment in capital improvements initiated at the end of 2010 at the company's other steel facilities in Canton. The investments reflect the significant increase in demand Timken has seen for its high-performance steel across all markets.