At a time when many large companies are sitting on cash reserves, waiting for the economy to improve, Timken has been on a spending spree, reports
The Plain Dealer.
By the end of this month, Timken Co. expects to finalize its $92 million purchase of Drives Llc, following the $200 million purchase of power transmission parts company Philadelphia Gear. The company has kicked off two programs with local schools -- a Stark State College program to develop parts for wind turbines and a University of Akron initiative to study new materials for industrial equipment. Timken has also spent $50 million this year to upgrade one Canton-area steel plant and is considering a $225 million expansion to a second one.
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here.