Auto bearing maker Timken has announced that it is to purchase all equity of Yantai
Timken Co., its Chinese joint venture partner, increasing its stake to 100 percent.
James W. Griffith, Timken’s president and chief operating officer, said that
with the buyout of its local venture partner, “we intend to speed up the
transfer of leading edge technology to Yantai Timken to manufacture there both
for Chinese and export markets.”
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Mr. Griffith commented that the change also increases the company’s ability
“to achieve greater productivity and efficiency in Yantai.” He praised
local government officials for their co-operative stance, especially over Timken’s
decision to cut its workforce by 400 over the last six months.
New investment is to be pumped in to build the plant in Yantai, establishing
it “into a leading bearing manufacturing base in Asia”, said Mr Griffith.
