Timken plans Canadian bearings plant closure

According to local news reports Thursday, Canton, Ohio-based steelmaker the Timken Company will close its St. Thomas, Ontario bearings mill next year; production will be transferred to Timken's other facilities in Ohio, North Carolina and South Carolina. According to Timken, the Ontario mill was only operating at 20 percent of its capacity. The plant closure, which includes severance pay to workers, pension, and cleanup costs, will cost Timken $60 to $70 million.