N.H. not affected by Timken layoffs
Citing the troubled automobile industry, The Timken Company announced that it was laying off as many as 700 workers, equivalent to 5 percent, in its automotive unit.
But during a Sept. 29 conference call, company officials said that Timken’s other units have been showing “relatively strong growth” throughout the year, including its New Hampshire-based aerospace unit.
In addition to the restructuring, the Canton, Ohio-based maker of engineered bearings and alloys reduced its financial outlook for the third quarter of 2006. The company now expects to earn 50 to 55 cents per share, down significantly from previous forecasts of 70 to 75 cents per share. Full-year share price estimates have been placed between $2.60 and $2.75 a share, down from $3 to $3.15 per share.
“The widening decline in North American auto industry production has had a significant impact on our performance,” said James W. Griffith, Timken’s president and chief executive officer. “This structural auto industry shift reinforces our resolve to diversify our corporate portfolio and customer mix…Moreover, we continue to advance our strategy to expand in global industrial markets, which is contributing to the strong overall performance of the company in 2006.” — CINDY KIBBE