The Timken Company Announces Public Offering

The Timken Company (NYSE: TKR) today announced the public offering of 12,895,973 shares of its common stock at a public offering price of $15.85 per share. The shares offered include 9,395,973 shares held by Ingersoll-Rand Company, a selling stockholder, plus 3.5 million shares being sold by Timken. The transaction is expected to close on October 20, 2003. Timken intends to use the net proceeds of the approximately $55 million it receives from the offering to reduce debt and for general corporate purposes.