Strong Results Drive Timken to Renew Procurement Partnership With ICG Commerce

ICG Commerce, a leading procurement services provider, today announced a long-term extension of its strategic procurement engagement with The Timken Company (NYSE: TKR), a $5.2 billion industrial technology company. The renewal extends through April 2011 and includes a major expansion of the initiative in which ICG Commerce will provide full business process outsourcing (BPO) services to help the company manage transportation, plant services and maintenance/repair/overhaul (MRO) buying categories for the company while also supporting sourcing-related activities in the areas of travel and packaging. The new agreement builds on the strong results of a partnership that began in April 2002. By moving from regional to national sourcing and taking a comprehensive approach to procurement by leveraging ICG Commerce resources, expertise and technology, Timken was able to accelerate the realization of savings while creating centralized purchasing capabilities to support its expanding global manufacturing operation. The expansion included the acquisition and successful integration of Torrington in early 2003. "Timken has realized significant savings through ICG Commerce's strategic and comprehensive approach to procurement," said Glenn Eisenberg, executive vice president of finance and administration for the Timken Company. "We look forward to the next step in our partnership with ICG Commerce and achieving even greater results over the next five years."