Timken said Monday it plans to build a new bearing manufacturing facility in India. The plant will produce a range of antifriction bearings for global markets.
Timken's new facility will be built in one of India's new Special Economic Zones (SEZs), which provide a range of tax benefits, including duty-free import of equipment and material used in the manufacture of goods destined for sale outside of India.
The company already operates two facilities in India.The plant is estimated to cost $25 million and production is expected to begin during the fourth quarter of 2007. The plant will employ about 300 people.