Story ID: 1091714MxReports
Timken To Restructure Aerospace Business
By: David A. Lombardo
Caption: The company is exiting the engine overhaul business and closing its UK bearing facility.
Word Count: 192
As part of a strategy to improve the performance of its aerospace business, Timken is eliminating its aerospace segment leadership positions and integrating aerospace activities under the direction of Chris Coughlin, executive vice president and group president.

“We’re also taking a close look at our aerospace aftermarket parts business in Mesa [Arizona] to determine if any changes should be made there. We will explore ways to improve its growth potential and streamline operations. That evaluation and specific plans will be developed over the coming months,” Larry Shiembob, Timken director of aerospace aftermarket, told AIN.

Timken is closing its aerospace engine overhaul business, also located in Mesa, by year-end. A spokesman for the company said, “Several factors are impacting customer demand for engine overhaul service, including decreasing flight hours and deferred maintenance. Market conditions have shifted, necessitating a realignment of business strategy. Therefore, we are exiting the engine overhaul business.”

Also in the works is the closure of its aerospace bearing facility located in Wolverhampton, UK, subject to the employee consultation process, and rationalizing the capacity into existing facilities, with timing to be determined.