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NEWS RELEASE
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FOR ADDITIONAL INFORMATION: WORLDWIDE LEADER IN BEARINGS AND STEEL
Denise L. Bowler
Manager - Communications Planning & Integration
(330) 471-3485
THE TIMKEN COMPANY ANNOUNCES
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SHARE REPURCHASE PLAN
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CANTON, OH - November 3, 2000 - The Timken Company today announced
board approval of a new 2000 common stock purchase plan, which succeeds the
company's 1998 plan.
The company's 1998 common stock purchase plan had authorized the
company to buy back in the open market or in privately negotiated transactions
up to 4 million shares of common stock to be held as treasury shares and used
for specific purposes. The company has purchased nearly all of the shares of the
common stock it was authorized to purchase under the 1998 common stock purchase
plan. As of November 3, approximately 59,998,284 shares of common stock were
issued and outstanding.
The company's 2000 common stock purchase plan authorizes the company to
buy in the open market or in privately negotiated transactions up to 4 million
shares of common stock which are to be held as treasury shares and used for
specific purposes. The company may exercise this authorization until December
31, 2006.
Shares of common stock purchased under the 2000 common stock purchase
plan will be used as follows: to fund qualified employee benefit plans
maintained by the company and its direct and indirect wholly owned domestic
subsidiaries; to satisfy the company's obligations under its equity-based
incentive plans; to provide shares of common stock for purposes of the company's
Mail Code: GNW-37
1835 Dueber Avenue, S.W. Telephone: (330) 471-3485
P.O. Box 6927 Facsimile: (330) 471-4118
Canton, OH 44706-0927 U.S.A. E-mail: [email protected]
THE TIMKEN COMPANY
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International Stock Ownership Plan; to provide shares for use in making future
acquisitions; and to deliver shares under existing and future equity-based
compensation arrangements to associates and directors of the company and to
associates of direct and indirect subsidiaries of the company.
The Timken Company (NYSE: TKR; www.timken.com) is a leading
international manufacturer of highly engineered bearings and alloy steels with
operations in 24 countries. The company employs 21,000 people worldwide and
reported 1999 sales of U.S. $2.5 billion.
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THE TIMKEN COMPANY
