CANTON, Ohio (AP) -- Metal parts maker Timken Co. said Monday that it will increase its annual steel-making capacity by 120,000 tons at its factories in Canton, Ohio.
The company, which makes bearings, assemblies and alloy steels for auto producers and other manufacturers, said the increase comes from improvements at its Harrison Steel Plant that build upon a $60 million investment there in 2008.
The upgrade has boosted output beyond the new mill's original design, Timken said in a statement. Added investments and work force additions made over the next few months will further increase output, it said. The changes at the Harrison plant will let Timken optimize production there and at the nearby Faircrest plant.
Timken spokeswoman Lorrie Paul Crum said the company will hire 10 or 12 more people to staff the plant. It plans to hire or has hired 174 new workers at the Canton plants in the past year to keep up with demand, she said.
The company said all the changes will create new capacity at both factories "to support growing demand for finished bar products and billets for tubing product which serve customers in the global industrial, oil and gas, and mobile markets."
Timken said it has made more than $285 million in investments at its Canton steel operations since 2006.
Timken shares fell $1.66, or 3.3 percent, to close at $48.31.
The company, which makes bearings, assemblies and alloy steels for auto producers and other manufacturers, said the increase comes from improvements at its Harrison Steel Plant that build upon a $60 million investment there in 2008.
The upgrade has boosted output beyond the new mill's original design, Timken said in a statement. Added investments and work force additions made over the next few months will further increase output, it said. The changes at the Harrison plant will let Timken optimize production there and at the nearby Faircrest plant.
Timken spokeswoman Lorrie Paul Crum said the company will hire 10 or 12 more people to staff the plant. It plans to hire or has hired 174 new workers at the Canton plants in the past year to keep up with demand, she said.
The company said all the changes will create new capacity at both factories "to support growing demand for finished bar products and billets for tubing product which serve customers in the global industrial, oil and gas, and mobile markets."
Timken said it has made more than $285 million in investments at its Canton steel operations since 2006.
Timken shares fell $1.66, or 3.3 percent, to close at $48.31.