July 26 (SeeNews) - U.S.-based tapered roller bearings manufacturer Timken said on Wednesday it has begun shipments from its new production plant in Romania.
The plant in Ploiesti county, in southern Romania, employs 120 and was inaugurated last month, following a $60 million investment.
Groundbreaking on the 15,000-sq m site began in the first quarter of 2016.
"The company began shipments from its new, state-of-the-art tapered roller bearing plant in Romania," Timken said its second-quarter financial statement.
Timken received $16 million for the plant from the Romanian government as a capital equipment grant under its regional development incentives.
The facility is the company's second in Romania and global demand for tapered roller bearings in sizes up to 300 mm in diameter.
Timken operates 63 manufacturing plants and service centers around the world, including eight European facilities located in Italy, France, Poland, Romania and the United Kingdom.
The company has 14,000 employees worldwide, of which 880 work in its existing factory in Ploiesti county.
In the second quarter of 2017, Timken posted a global net income of $82.5 million, more than double compared to the same period a year ago.
($=0.8579 euro)