May 24, 2012 / 1:03 PM / 5 years ago

Timken to shut Ontario plant, cut jobs

May 24 (Reuters) - Industrial bearings and steelmaker Timken Co plans to close its manufacturing plant in Ontario, Canada in a year, hurting about 190 jobs.

The company said it will move bearings production from the Ontario plant to its existing U.S. operations to better align its manufacturing footprint and customer base.

Timken expects to incur pre-tax charges of about $60 million to $70 million, mostly in 2012.

The plant closure will save about $5 million to $8 million per year, before taxes, Timken said in a regulatory filing.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below