The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.32 - Manufacture of other parts and accessories for motor vehicles
120 jobs Number of planned job creations
Announcement Date
13 June 2017
Employment effect (start)
13 June 2017
Foreseen end date
31 December 2018
Description
Timken, an American manufacturer of bearings and related components, is to open a new bearing plant in Romania. In December 2015, the company started the building of the new plant.
The company announced that 120 persons will be hired by the end of 2018. The new 15,000-square-meter site, which is to produce conical roller bearings, is located near Ploiesti (Prahova County). Timken is a beneficiary of the state aid scheme for foreign investors, and received 17.4 million euro from the Romanian Government. The total investment is approximately 60 million euro.
The first plant operated by Timken opened in Romania in 1997. The company operates in 28 countries with a total employee base of 14,000.
Sources
13 June 2017: forbes.ro
13 June 2017: mediafax.ro
13 June 2017: Ziarul Financiar
19 November 2015: stirileprotv.ro
Citation
Eurofound (2017), Timken, Business expansion in Romania, factsheet number 91180, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91180.
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