Having spun off its specialty steel business to shareholders, The Timken Company is taking steps to improve the performance of its Aerospace business. Specifically, Canton, Ohio-based Timken will eliminate the management structure for that business and seek a buyer for its aerospace MRO parts business. More specifically, Timken will close an engine repair and overhaul operation in Mesa, Ariz., and an aerospace bearing plant in Wolverhampton, England.
The Arizona plant was developed as a specialty center of parts manufacturing for aerospace engine repairs and refurbishment, including an investment casting foundry for turbine blades, vanes, nozzles, and turbine-engine hardware that started up late in 2006.
In 2008, Timken purchased Extex Ltd., in Gilbert, Ariz., which develops and supplies compressor and turbine blades and vanes, shrouds, nozzles, and gears, among other products, for Honeywell, Pratt & Whitney, and Rolls-Royce engines families.
At the time of that acquisition, Timken indicated that Extex would provide a base of 600 components with Federal Aviation Administration parts manufacturer approval (PMA) that were to position it as a comprehensive supplier of fleet-support programs, including asset management for aircraft operators.
"Aerospace has been and will continue to be an important market for Timken," stated Richard G. Kyle, Timken president and CEO. "It fits the Timken Business Model well and we will continue to pursue challenging applications that value our technology and our service.”
However, Kyle noted the aerospace segment's overall performance has been weak, and said the company expects that the changes will improve returns and generate growth.
"We remain committed to creating value for customers in the aerospace industry and are confident that our efforts will improve the strength of our business for both customers and shareholders going forward," Kyle said.
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