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Rule 424(b)(5)
File No. 33-35773
Cusip 88739LAS5
PRICING SUPPLEMENT
(To Prospectus Supplement dated July 24, 1996)
To Prospectus dated July 24, 1996
$5,000,000
The Timken Company
7.08% 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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<TABLE>
<CAPTION>
Principal Date of Maturity Fixed Interest Rate
Amount Issue Date Per Annum
- ----------- ------- -------- -------------------
<C> <C> <C> <C>
$5,000,000 10/10/96 10/10/06 7.08%
</TABLE>
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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October 10, 1996
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RECENT DEVELOPMENTS
On September 10, 1996, the Company issued the following press
release:
CANTON, OH -- September 10, 1996 -- Continuing to pursue its
worldwide growth strategy, The Timken Company today announced that it has
entered into negotiations to acquire the tool steel finishing and distribution
businesses of Sanderson Kayser Ltd., a United Kingdom integrated steelmaker,
from its British parent GEI International PLC.
The businesses to be acquired are based in Sheffield, England,
and include steel distribution sites in Birmingham, London and Wigan, England;
and Glasgow, Scotland.
"This acquisition is important in two major respects," said
Joseph F. Toot, Jr., president and chief executive officer. "We have been moving
at a demonstrably faster pace to achieve stronger worldwide growth. This
acquisition, along with other recent acquisitions, including one in Poland, as
well as joint ventures in India and China, accelerates that progress. In
particular, it strengthens our position in the value-creation stream of the tool
steel business.
"With this latest move, we will expand the breadth and depth
of our core competencies," said Mr. Toot. "We will be combining Sanderson
Kayser's market position and distribution capabilities with The Timken Company's
leadership in technology, manufacturing and tool steel distribution. Along with
the recent acquisitions of Ohio Alloy Steels and Houghton & Richards, the
addition of Sanderson Kayser translates into strengthened tool steel
leadership."
The Sanderson Kayser businesses will become part of Latrobe
Steel Company, a Timken Company subsidiary known for its leadership in specialty
steel manufacturing and, increasingly, in tool steel distribution. Sales of the
businesses to be acquired were about $17 million in 1995.
The Timken Company is a worldwide leader in the manufacture of
highly engineered bearings and alloy steels. The company employs some 17,000
people worldwide and reported 1995 sales of $2.2 billion.
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