|
|
|
CANTON —
Declining third quarter sales forced layoffs at Timken Co., and more temporary layoffs will be coming in December.
The company has placed about 160 employees on long-term layoff during the past few months.
Jobs were cut because of scheduling adjustments that Timken had to make as a result of “lower customer demand across its market sectors,” the company said in a statement issued Wednesday. The statement didn’t say how long the workers will be on layoff.
Timken also anticipates separate one-week shutdowns in December at the Harrison and Faircrest steel mills. December traditionally is a time when customer demand drops, the company said.
The temporary shutdowns will occur on an alternating basis. Between 300 and 400 employees at the two plants will be laid off during alternating weeks, according to the statement.
Timken saw reduced profits and sales during the third quarter. Company officials said customers became more cautious and delayed purchases. Timken officials said they believed they had the right plan in place to offset weak demand. The plan included reducing production.
In the third quarter earnings report, James W. Griffith, president and chief executive officer, said the company expects demand will rebound in 2013.
Declining third quarter sales forced layoffs at Timken Co., and more temporary layoffs will be coming in December.
The company has placed about 160 employees on long-term layoff during the past few months.
Jobs were cut because of scheduling adjustments that Timken had to make as a result of “lower customer demand across its market sectors,” the company said in a statement issued Wednesday. The statement didn’t say how long the workers will be on layoff.
Timken also anticipates separate one-week shutdowns in December at the Harrison and Faircrest steel mills. December traditionally is a time when customer demand drops, the company said.
The temporary shutdowns will occur on an alternating basis. Between 300 and 400 employees at the two plants will be laid off during alternating weeks, according to the statement.
Timken saw reduced profits and sales during the third quarter. Company officials said customers became more cautious and delayed purchases. Timken officials said they believed they had the right plan in place to offset weak demand. The plan included reducing production.
In the third quarter earnings report, James W. Griffith, president and chief executive officer, said the company expects demand will rebound in 2013.
