Timken to Cut 700 Jobs in Automotive Group - Modern Distribution Management

Log In

Search

Timken to Cut 700 Jobs in Automotive Group

Author
Date

The Timken Company, Canton, OH, announced it would be cutting 700 jobs, or 5% of its Automotive Group employment. The manufacturer blamed the step on worsening conditions in the North American automotive industry.


 


Declines in North American automotive production are expected to negatively impact the company’s overall third-quarter and full-year 2006 results, which continue to benefit from the strength of global industrial markets.


 


“The widening decline in North American auto industry production has had a significant impact on our performance,” said James W. Griffith, Timken’s president and CEO. “This structural auto industry shift reinforces our resolve to diversify our corporate portfolio and customer mix. … We continue to advance our strategy to expand in global industrial markets, which is contributing to the strong overall performance of the company in 2006.”

More Breaking News

Share this article

About the Author
Picture of MDM Staff

MDM Staff

Recommended Reading
Leave a Reply

Leave a Comment

Log In

Read the latest articles and see your reports.

Log In

Popular Now

MDM Directories

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Sign Up

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events
Subscribe

Log in

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events
Subscribe

Log in

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts
Subscribe

Log in

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Subscribe

Log in

Back to MDM.com

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!