Timken announces restructuring

BEARING and power transmission maker Timken announced a restructuring of its business during August, which the company expects to produce savings of up to US$20m through streamlining and the elimination of duplication.

Two business groups have been formed, a Steel group which will continue to be headed by Salvatore J Miraglia and a Bearings & Power Group which is now headed by Michael C Arnold. Rail bearings activities come within Mobile Industries, one of four business sectors within the Bearings & Power Group.