The Timken Co. has announced plans to build a new bearing manufacturing facility in India, that will be located in Chennai and will produce a range of antifriction bearings for global markets. The move will create hundreds of jobs – in India.
The Canton, Ohio-based company will build the plant in one of India’s new Special Economic Zones, which provide a range of tax benefits, including duty-free import of equipment and material used in the manufacture of goods destined for sale outside of India. The $25 million facility is expected to be completed by the end of the year, with the first bearings rolling off the line in late 2007.
The Timken company gained notoriety when President Bush, seeking re-election on the campaign trail spoke to employees there about jobs, prosperity and the economy shortly before W.R. Timken, a major Bush donor and supporter closed the same plant.