Timken to cut jobs in automotive group
Canton, Ohios Timken Company will cut up to 500 jobs in its automotive group to help mitigate the financial burdens of sluggish vehicle production in North America and rising raw material costs. "While we are seeing strong industrial markets, automotive markets continue to be challenging," said James W. Griffith, president and CEO of Timken. Griffith said the company will cut 400 to 500 automotive-sector jobs in the third quarter in order to reduce fixed costs by $40 million a year. Timken recently reported its second-quarter earnings more than doubled from a year ago. Timkens Automotive Group makes bearings and related products for the auto industry and employs about 11000 employees at 23 plants in the US and abroad.