Timken To Cut 4,000 Jobs

[OhioChick]

Source: AP

POSTED: 2:10 pm EDT April 27, 2009

CANTON, Ohio -- Bearings and specialty steels maker Timken Co. indicates it will cut about 4,000 more jobs by the end of this year.

Canton, Ohio-based Timken said Monday it expects to end this year with 7,000 fewer employees than it had at the start of 2008, equivalent to a 25 percent reduction in the company's work force.

Timken announcements earlier this year suggested about 3,000 jobs had already been targeted.

Also Monday, Timken said its first-quarter earnings dropped 99 percent from a year ago as the global economic downturn continued to sap demand for the company's products.

Timken lowered its full-year outlook to a range centered around the break-even point.

A Thomson Reuters survey of analysts looked for a 2009 profit of 78 cents per share.

Read more: http://www.newsnet5.com/news/19303088/detail.html

---

This just keeps getting worse and worse with no new jobs on the horizon.

[Cherchez la Femme]

1. So sad for Ohio residents!

For decades it's just been getting worse and worse in that beautiful state.

But then, my sympathy is mitigated by their voting histories.
Maybe now they'll start voting for people who will represent their interests, not for big business and exclusively the well-to-do?

One can only hope...

[Lochloosa]

2. "equivalent to a 25 percent reduction in the company's work force".

Depression era statistics

[No Elephants]

7. And you just know the REAL numbers are much worse.

[madrchsod]

3. "....foreman says these jobs are going boys....

and they ain`t coming back...."

once upon a time america rolled on timken bearings

[rhett o rick]

4. Isn't Timken opening plants in China? nm

[ChromeFoundry]

6. Yes, and India. n/t

[4_TN_TITANS]

5. 99% drop in earnings from a year ago???

ouch.