THE TIMKEN COMPANY DEVELOPS SUPPLIER CITY INDUSTRIAL PARK COMPLEX NEAR CANTON
THE TIMKEN COMPANY DEVELOPS SUPPLIER CITY
INDUSTRIAL PARK COMPLEX NEAR CANTON
CANTON, Ohio, Nov. 5 /PRNewswire/ -- The Timken Company (NYSE: TKR) today announced that it is developing a "supplier city" industrial park in Perry Township, Ohio, adjacent to its Faircrest Steel Plant. According to state officials, this project is the first use of the supplier city concept in Ohio.
Plans call for suppliers of The Timken Company's Steel Business to locate in supplier city on land owned by the company, which operates three steel plants in the Canton area.
"We believe this project will be beneficial not only to The Timken Company, but to the suppliers involved, Stark County and the state of Ohio in general," said Charles H. West, executive vice president -- steel. "By forming partnerships of this nature with our key suppliers, we expect to develop stronger relationships, accelerate continuous improvement and reduce the costs of doing business, allowing all parties to grow and prosper.
"This project should improve the profitability and competitive position of our steel business and enhance the value we represent to our customers," he added.
The company expects the project to reduce inventory, processing time and costs. The close proximity also will enhance supplier response time, with 15-minute emergency service available.
In addition, the project will provide new jobs for the Stark County area.
The company is currently talking with several key suppliers to whom locating in supplier city might be advantageous. Several have expressed a desire to expand their business into the Canton area. Most of the suppliers being considered for supplier city have no present operations in Stark County. Sacks Electric, which presently operates in Stark County, will be the first firm to locate there. The firm will move from its present location to supplier city by Jan. 31, 1992.
"We're looking for strong, well-managed firms that can work with The Timken Company as a long-term, preferred supplier," said Mark W. Bump, a company attorney involved in the selection process.
The 10-acre supplier city site is located across Faircrest Avenue, S.W., from the Faircrest Steel Plant. It will be developed and managed by Faircrest Corporation of Canton. The Ohio Department of Development, Stark Country and Perry Township are extending sanitary sewer service to the site. In addition, the Stark County Board of Commissioners has designated the site, and 27 adjacent acres, as an enterprise zone.
"This development was possible only with the cooperation of state, county and township officials, as well as the city of Canton and Greater Canton Chamber of Commerce," said Bump.
The Timken Company is a leading international manufacturer of highly engineered bearings and alloy steels. The company employs nearly 19,000 people worldwide and recorded 1990 sales of more than $1.7 billion.
/CONTACT: Keith Price of the Timken Company, 216-471-3825/
(TKR) CO: The Timken Company ST: Ohio IN: AUT SU: CG -- CL014 -- 1294 11/05/91 13:56 EST