Timken Slashes Forecasts, Plans to Cut 700 Jobs

[OhioChick]

Sept. 29 (Bloomberg) -- Timken Co., a maker of specialty alloy steel and bearings, slashed its third-quarter and full- year forecasts and said it will cut 700 jobs, citing a slumping auto industry. The shares fell the most in almost eight months.

Profit excluding items will be 50 cents to 55 cents a share in the third quarter and $2.60 to $2.75 in 2006, Canton, Ohio- based Timken said today in a statement. Previous company estimates were 70 cents to 75 cents in the third quarter and $3 to $3.15 in the full year.

``This is basically a response to a weakening outlook for the North American automotive sector,'' said Eli Lustgarten, a senior analyst at Longbow Securities in Cleveland who yesterday cut his recommendation on Timken to neutral from buy.

DaimlerChrysler AG's Chrysler, Ford Motor Co. and General Motors Corp., burdened by pension and health-care costs and increased competition from Japanese carmakers, are grappling with falling U.S. sales, with the greatest declines in large sport-utility vehicles and pickup trucks which are more profitable than other vehicles.

http://www.bloomberg.com/apps/news?pid=20601103&sid=aLJbjSvNasYk&refer=us

Ohio is getting hit damn hard with job loss. Hope everyone remembers this come November.

[T Roosevelt]

1. Timken. Timken? Why does that ring a bell?

Oh yeah.

For Immediate Release
Office of the Press Secretary
April 24, 2003

President Discusses Plan for Economic Growth in Ohio
Timken Company
Canton, Ohio

[OhioChick]

2. Yep.........

that's Timken.

[T Roosevelt]

3. Oops

I was just in Akron, and reading the Beacon Journal opinion page was actually a treat (compared to our Orlando Sentinel). The few days I read, not one editorial or letter in support of the chimp or Blackwell. Nice.

[OhioChick]

5. The last time that

I drove through the Akron/Canton area, it was refreshing to see so many Strickland/Brown signs.

[partylessinOhio]

7. The Devil gave Timken his kiss of death!

Another reason to park Air Force One.

[PassingFair]

4. The economy is BOOMING!

I remember it WELL!!!

Here in Michigan, as well as in OHIO!!

[Syncronaut Seven]

6. Buy Timken now.

America rolls on Timken bearings.

[Ezlivin]

16. I've got an acquaintance who's a fundy and high up at Timken

He believes that Bush is perfect and the best man for the job.

He lives on a steady diet of Rush Limbaugh and Fox News.

He believes that Jesus is coming soon and he'll be Raptured.

And from what I hear, the upper ranks of Timken is swollen with men just like him.

Pity.

Even if he loses his job to outsourcing, he'll never deny Bush/Jesus.

[Megahurtz]

8. What the hell is everyone going to do with all of these jobs cuts?

How in the World do people make it these days?:shrug:

[karlrschneider]

10. Many bearings are assembled using infrared lamps. Like the burgers

at McDonalds.

...

[Megahurtz]

11. How sad.

People will have to resort to living in their cars and working at McDonalds!

[karlrschneider]

9. I went to Allied Bearings yesterday to pick up a few bearings I needed

to rebuild a spindle...have used Timken for 30+ years. They didn't have the Timken ones I needed
and said probably they wouldn't be able to get any more but they did have some equivalent ones
in stock made in Turkey. (Bearings are a kind of odd commodity, their 'part numbers' are the same
no matter who makes them - they are one of the few products that actually have worldwide standard
naming conventions)

So I settled for the Turkish ones - (I had no idea the Turks even made stuff like this)...they
appear to be of equal quality and were half the price I generally pay for the domestic ones.

Just another example of how the USA is going down the industrial toilet, I guess. :eyes:

[hogwyld]

12. Keep on buying those Japanese cars!

And pretty soon, we won't have any jobs left over here.

[N90ATC]

13. Japanese

I posted a link on another trhead about how the US carmakers actually do many good things, charity-wise. The Japanese don't give much.

[Tesha]

15. Or I could spend $2700 to put a *THIRD* transmission in my Taurus.

Lots of bearings in an automatic transmission, right? And that's
multiplied every time the tranny in this Taurus blows up!

Yeah, that's the deal!

Tesha

[ConcernedCanuk]

14. It's a sorta "draft" thing - LOTSA JOBS IN THE MILITARY AVAILABLE!

.
.
.

Need more cannon fodder?

Increase the Unemployment rate -

Meanwhile,

The Korprate Swine get their products/services for 1/3 the price -

Makes sense to me