Canton, - The Timken Company has entered into a joint venture to produce bearings in China. Timken and Shandong Yantai Bearing Factory, a manufactorer of tapered roller bearings, will form a new company, Yantai Timken Company Limited. It will be located in Yantai, Shandong Provinc on the northeast coast of China near the Yellow Sea. Company officials expect Yantai Timken to begin operations by the third quarter of 1996, pending completion of the business transaction.
According to Joseph F. Toot, Jr., president and chief exectutive officer of Timken, the venture is consistent with the company's objectives to expand its geographic scope and increase shareholder and customer value. A manufacturing base in China will allow the company to offer improved quality and technology to one of the fastest growing markets in the world.
The Shandong Yantai Bearing Factory was established in 1953 by the city of Yantai to help revitalize Chinese machinery manufacturing, it has grown into one of the leading tapered roler bearing manufacturers in China, producing products primarily for passenger and commercial vehicles, as well as agricultural equipment. Annual sales approximate U.S $10 million.
Rao-Sheng Zhou, Ph. D., has been named general manager of Yantai Timken. He joined Timken in 1988 as a principal research engineer after working for 12 years in manufacturing management in China. Dr. Zhou will facilitate the transition and oversee plant operations. His research experience in advancing manufacturing processes, and his strong contribution to the company's Asian expansion strategies led to his appointment. He will report to Peter G. Duffy, president - Timken Asia Pacific.
The Timken Company is a leading internationl manufacturer of highly engineered bearings and alloy steels. The company employs some 17,000 people worldwide and reported 1995 sales of more than $2.2 billion.