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Rule 424(b)(5)
File No. 33-35773
CUSIP: 88739LAUO
PRICING SUPPLEMENT
(To Prospectus Supplement dated July 24, 1996)
To Prospectus dated July 24, 1996
$5,000,000
The Timken Company
6.78% Fixed Rate Medium-Term Notes, Series A
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Interest payable August 15 and February 15
Commencing February 15, 1997
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Principal Date of Maturity Fixed Interest Rate
Amount Issue Date Per Annum
--------- ------- -------- -------------------
$5,000,000 12/13/96 12/13/06 6.78%
Price to Public: 100% of principal amount of each Note.
Redemption/Repayment: The Notes are not redeemable prior to their stated
maturity date and are not repayable prior to such
date.
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J. P. Morgan & Co.
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December 13, 1996
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RECENT DEVELOPMENTS
On December 2, 1996, the Company issued the following press
release:
CANTON, OH--December 2, 1996--The Timken Company announced
today that it awarded two major contracts as part of its $55 million
planned investment at the Company's Harrison Steel Plant in Canton,
Ohio. Timken entered into formal agreements with Danieli & C. Officine
Meccaniche SpA to build the rolling mill and bar processing equipment
and with Reliance Electric, a part of Rockwell Automation, for the
electrical components. These contracts represent approximately
two-thirds of the cost of the project.
"A team of Timken associates searched the world for the latest
manufacturing technology," said Lee Sholley, general manager - Harrison
Steel Plant. "Their objective was to position the Company as a cost and
quality leader in the manufacture of continuous-cast small- and
intermediate-sized steel bars."
"As a result of the team's findings, Danieli, located in
Italy, will build the rolling mill including the reheating furnace,
associated hardware, handling equipment and size gauging system," Mr.
Sholley said. "Reliance Electric, located in Euclid, Ohio, will provide
the electrical components including motors, drives and computer
automation controls." According to Sholley, the new mill and equipment
will make the Harrison Steel Plant a premier producer of high-quality
steel bars in the 1-7/8-inch to 6- inch range. Construction of the mill
is expected to begin during the first quarter of 1997 and it is planned
to be fully operational by mid-1998.
"We began to upgrade the bar and billet process at the
Harrison Steel Plant in 1992 with the installation of a $47 million
continuous caster. The following year, we began operating an $11
million state-of-the-art inspection line. With the addition of this new
mill and equipment, we will have a fully integrated continuous process
enabling us to provide our customers an even higher level of quality,"
said Bill J. Bowling, executive vice president and president steel for
The Timken Company. "Serving the most demanding global markets, our
customers have come to depend on our proven quality products and
expertise."
The Timken Company is a leading international manufacturer of
highly engineered bearings and alloy steels. The Company employs about
18,000 people worldwide and reported 1995 sales of more than U.S. $2.2
billion.
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On December 7, 1996, the Company issued the following press
release:
NEW PHILADELPHIA, OH--December 7, 1996--To meet the increased
customer demand for products made at its New Philadelphia Precision
Tapered Bearing Business, The Timken Company today broke ground for a
$5 million expansion that will increase the plant's floor space by
14,000 square feet and production capacity by 50 percent.
Plans call for a manufacturing cell to produce specialized
printing press bearings, a rapidly growing market for the Company, and
other precision products. New equipment also will be installed to
improve production of precision bearings for machine tool customers.
Presiding at the groundbreaking ceremony was Robert L.
Leibensperger, executive vice president and president bearings. "The
hard work and dedication of each associate has made the New
Philadelphia Plant the award-winning, world-leading facility it is
today. This facility has been able to attract and retain superior
associates who provide a strong competitive advantage. We are
celebrating not just a groundbreaking but the accomplishments of
associates who have made this plant prosper. Today's groundbreaking
signifies the respect and support we have for our New Philadelphia
associates. Their expertise and commitment will make it possible for us
to become the best-performing manufacturing company in the world."
This is the fourth and most significant plant expansion since
operations began in 1953. With completion slated for the second quarter
of 1997, this investment will bring the facility's total floor space to
46,000 square feet.
"We are committed to remaining the world leader in precision
bearing manufacturing," said LeighAnne Baker, manager of the New
Philadelphia Plant. "Total associate involvement and an unwavering
commitment to continuous improvement are the cornerstones of the New
Philadelphia Plant. This expansion reflects our determination to
increase our responsiveness to our customers' demands."
The New Philadelphia Plant is renowned worldwide for the
quality of its product. About 45 percent of its product in the past
year was targeted for export. The plant makes many custom designed
parts to meet the individual needs of its diverse customer base. Some
precision bearings, such as those used in aerospace applications,
require extreme critical tolerance precision -- equivalent to a human
hair split 600 times.
The Timken Company is a leading international manufacturer of
highly engineered bearings and alloy steels.
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The Company employs about 18,000 people worldwide and reported 1995
sales of more than U.S. $2.2 billion.
