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Timken To Receive $39.7 Million Under Anti-Dumping Law
"CANTON, Ohio -- The Timken Co. receive payments of $39.7 million under the U.S. Continued Dumping and Subsidy Offset Act, officials reported recently. Payments are expected to be received this year and will be used for general corporate purposes and to reduce debt. The payments include $6.5 million related to the Torrington bearing business acquired by Timken in February 2003, according to James W. Griffith, president and chief executive officer.The act provides for distribution of monies collected by U.S. Customs from anti-dumping cases to qualifying domestic producers that have continued to invest in their technology, equipment and people. This is the fourth year Timken has received a payment under the act, Griffith said."Maintaining a strong industrial base is imperative to our economic and national security," he noted. "Ensuring international trade that is free of dumping is important to enable manufacturers to continue making significant investments in research and development, facilities and workforce training that are necessary to maintain global competitiveness."Timken, a manufacturer of highly engineered bearings, qualified for a distribution of monies based upon the company's consistent U.S. investments in production technology to remain competitive globally. During the past five years, the company has spent more than $250 million on research and development to support bearing and steel programs and improve manufacturing processes, Griffith said.Visit The Timken Co.: www.timken.com"