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Tuesday, October 19, 2010
Sunday, August 22, 2010
Alumni in the News
Featuring :
- Bob Wassung
http://www.southeasternctscore.org/bios/wassung.htm
- Newspaper article Waterbury Republican - 9/5/2010 under Comments below
Former Torrington Company workers still socialize like 'big family'
- 2nd Newspaper Article Waterbury Republican – 9/5/ 2010 under Comments below
Laid-off workers find a new life Leave big industry for modest but satisfying jobs
-
- Bob Wassung
http://www.southeasternctscore.org/bios/wassung.htm
- Newspaper article Waterbury Republican - 9/5/2010 under Comments below
Former Torrington Company workers still socialize like 'big family'
- 2nd Newspaper Article Waterbury Republican – 9/5/ 2010 under Comments below
Laid-off workers find a new life Leave big industry for modest but satisfying jobs
-
Friday, February 5, 2010
Index to prior years
Introduction to this Blog 5/28/2007
Company Presidents / CEOs6/10/2007
Milestones in History I - First 50 Years6/13/2007
Milestones in History II - Second 50 Years6/15/2007
Milestones in History III - 3rd Period, Timken announcement6/17/2007
Milestones in History IV - 2003 under Timken and Onward7/01/2007
Discussion Topic (DT) - 1. Did Torrington have to sell to IR?7/08/2007
DT - 2. Was there nepotism/cronyism going on at the time of the takeover by IR?7/15/2007
DT - 3. Why did Torrington unload the Needle Division back in 1980?7/22/2007
DT - 4. IR takes over Torrington7/29/2007
DT - 5. Bennett vs O'Connell8/05/2007
DT - 6. FAFNIR, a benefit or a noose?8/19/2007
DT - 7. Year end stock values8/12/2007
Personal Input Topic (PI) - 1. Memories8/19/2007
PI Topic - 2. Best thing working for Torrington8/26/2007
PI Topic - 3. Funny Moments9/02/2007
PI Topic - 4. Past EMails1/22/2008
PI Topic - 5. Recent EMails6/07/2008
PI Topic - 8. Recent Photos7/30/2008
PI Topic - 9a News. Corporate building sold10/13/2008
PI Topic - 9b News. About plants in Torrington, CT11/16/2008
PI Topic - 9c News. Last group to leave Excelsior11/25/2008
PI Topic - Last Call Holiday Gathering
Company Presidents / CEOs6/10/2007
Milestones in History I - First 50 Years6/13/2007
Milestones in History II - Second 50 Years6/15/2007
Milestones in History III - 3rd Period, Timken announcement6/17/2007
Milestones in History IV - 2003 under Timken and Onward7/01/2007
Discussion Topic (DT) - 1. Did Torrington have to sell to IR?7/08/2007
DT - 2. Was there nepotism/cronyism going on at the time of the takeover by IR?7/15/2007
DT - 3. Why did Torrington unload the Needle Division back in 1980?7/22/2007
DT - 4. IR takes over Torrington7/29/2007
DT - 5. Bennett vs O'Connell8/05/2007
DT - 6. FAFNIR, a benefit or a noose?8/19/2007
DT - 7. Year end stock values8/12/2007
Personal Input Topic (PI) - 1. Memories8/19/2007
PI Topic - 2. Best thing working for Torrington8/26/2007
PI Topic - 3. Funny Moments9/02/2007
PI Topic - 4. Past EMails1/22/2008
PI Topic - 5. Recent EMails6/07/2008
PI Topic - 8. Recent Photos7/30/2008
PI Topic - 9a News. Corporate building sold10/13/2008
PI Topic - 9b News. About plants in Torrington, CT11/16/2008
PI Topic - 9c News. Last group to leave Excelsior11/25/2008
PI Topic - Last Call Holiday Gathering
Tuesday, February 2, 2010
Monday, January 25, 2010
Sunday, January 3, 2010
Friday, January 1, 2010
Timken finalizes sale to JTEKT
12/31/2009
Timken Finalizes Sale of Needle Roller Bearings Business to JTEKT
CANTON, Ohio: Dec. 31, 2009 — The Timken Company (NYSE: TKR) today announced it completed the sale of its Needle Roller Bearings business to Japan’s JTEKT Corporation.
Timken received approximately $330 million, including retained receivables, from the sale. These proceeds will be used for general company purposes, while also providing additional liquidity, bolstering the company’s financial position in a year it expects to generate strong cash from operations.
"The completion of this deal is a win for everyone involved," said James W. Griffith, Timken president and chief executive officer. "The Needle Roller Bearings business' new owner is committed to the automotive industry, which provides new opportunity to customers and the talented associates who are transferring with the deal.
"As to Timken, we've fundamentally changed our portfolio of business, in line with our strategy to optimize the enterprise. The resources now in hand can be used to create greater value for our customers and shareholders, including pursuit of new growth in attractive industrial sectors."
Part of Timken’s acquisition of Torrington in 2003, the Needle Roller Bearings business manufactures highly engineered needle roller bearings for automotive and industrial applications. Facilities becoming part of JTEKT on January 1, 2010, are in these locations:
North America: Cairo, GA; Dahlonega, GA; Sylvania, GA; Greenville, SC; Walhalla, SC; and Bedford, Quebec, Canada.
Europe: Brno and Olomouc, Czech Republic; Maromme, Moult, and Vierzon, France; Kuensebeck, Germany; and Bilbao, Spain.
Asia: LiYuan District, China.
For the first nine months of 2009, the Needle Roller Bearings business had approximately $289 million in sales and incurred a loss of about $59 million. While the divestiture will reduce Timken’s sales for the full year, the net effect on the company’s earnings is expected to be positive.About the Needle Roller Bearings Business
A leading global manufacturer of highly engineered needle roller bearings for automotive and mobile applications, the Needle Roller Bearings business was originally formed in 1912, and acquired by Timken through its acquisition of The Torrington Company in February 2003. The business had $621 million in sales in 2008 and employs approximately 3,400 associates. With 12 manufacturing facilities and three technology centers around the world, the Needle Roller Bearings business primarily serves original-equipment and tier-one automotive manufacturers, including customers in North America, Europe and Asia.About JTEKT
JTEKT Corporation ("JTEKT", www.jtekt.co.jp/e) is a leading Japanese manufacturer of steering systems, driveline components, bearings and machine tools. The company’s bearings solutions are used in a wide variety of applications, including automobiles, jet engines, windmill power generators, and shinkansen (bullet trains). JTEKT was formed in January 2006 following the merger of Toyoda Machine Works Ltd. and Koyo Seiko Co. Ltd. Koyo Seiko was founded in 1921, and Toyoda Machine Works in 1941. Headquartered in Nagoya and Osaka, JTEKT has 34,000 employees, with operations in 70 locations worldwide, encompassing Asia/Oceania, North America and Europe. JTEKT’s President is Motohiko Yokoyama, and Chairman is Kohshi Yoshida. As of March 31, 2009, JTEKT had sales of $10.9 billion (1,017 billion JPY). About The Timken Company
The Timken Company (NYSE: TKR, http://www.timken.com) keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers’ machinery to perform more efficiently and reliably. With sales of $5.7 billion in 2008 and operations in 26 countries, Timken is Where You Turn™ for better performance. The Timken Company
Timken Finalizes Sale of Needle Roller Bearings Business to JTEKT
CANTON, Ohio: Dec. 31, 2009 — The Timken Company (NYSE: TKR) today announced it completed the sale of its Needle Roller Bearings business to Japan’s JTEKT Corporation.
Timken received approximately $330 million, including retained receivables, from the sale. These proceeds will be used for general company purposes, while also providing additional liquidity, bolstering the company’s financial position in a year it expects to generate strong cash from operations.
"The completion of this deal is a win for everyone involved," said James W. Griffith, Timken president and chief executive officer. "The Needle Roller Bearings business' new owner is committed to the automotive industry, which provides new opportunity to customers and the talented associates who are transferring with the deal.
"As to Timken, we've fundamentally changed our portfolio of business, in line with our strategy to optimize the enterprise. The resources now in hand can be used to create greater value for our customers and shareholders, including pursuit of new growth in attractive industrial sectors."
Part of Timken’s acquisition of Torrington in 2003, the Needle Roller Bearings business manufactures highly engineered needle roller bearings for automotive and industrial applications. Facilities becoming part of JTEKT on January 1, 2010, are in these locations:
North America: Cairo, GA; Dahlonega, GA; Sylvania, GA; Greenville, SC; Walhalla, SC; and Bedford, Quebec, Canada.
Europe: Brno and Olomouc, Czech Republic; Maromme, Moult, and Vierzon, France; Kuensebeck, Germany; and Bilbao, Spain.
Asia: LiYuan District, China.
For the first nine months of 2009, the Needle Roller Bearings business had approximately $289 million in sales and incurred a loss of about $59 million. While the divestiture will reduce Timken’s sales for the full year, the net effect on the company’s earnings is expected to be positive.About the Needle Roller Bearings Business
A leading global manufacturer of highly engineered needle roller bearings for automotive and mobile applications, the Needle Roller Bearings business was originally formed in 1912, and acquired by Timken through its acquisition of The Torrington Company in February 2003. The business had $621 million in sales in 2008 and employs approximately 3,400 associates. With 12 manufacturing facilities and three technology centers around the world, the Needle Roller Bearings business primarily serves original-equipment and tier-one automotive manufacturers, including customers in North America, Europe and Asia.About JTEKT
JTEKT Corporation ("JTEKT", www.jtekt.co.jp/e) is a leading Japanese manufacturer of steering systems, driveline components, bearings and machine tools. The company’s bearings solutions are used in a wide variety of applications, including automobiles, jet engines, windmill power generators, and shinkansen (bullet trains). JTEKT was formed in January 2006 following the merger of Toyoda Machine Works Ltd. and Koyo Seiko Co. Ltd. Koyo Seiko was founded in 1921, and Toyoda Machine Works in 1941. Headquartered in Nagoya and Osaka, JTEKT has 34,000 employees, with operations in 70 locations worldwide, encompassing Asia/Oceania, North America and Europe. JTEKT’s President is Motohiko Yokoyama, and Chairman is Kohshi Yoshida. As of March 31, 2009, JTEKT had sales of $10.9 billion (1,017 billion JPY). About The Timken Company
The Timken Company (NYSE: TKR, http://www.timken.com) keeps the world turning, with innovative friction management and power transmission products and services, enabling our customers’ machinery to perform more efficiently and reliably. With sales of $5.7 billion in 2008 and operations in 26 countries, Timken is Where You Turn™ for better performance. The Timken Company
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