Timken Expects Fast Sales Growth in Asia

Timken Expects Fast Sales Growth in Asia Timken Co. , aims to increase its Asian sales by up to 25 percent annually in the coming years, driven largely by demand in China, its largest market in the region. The U.S. company's chief executive said it expected 2007 sales of about $400 million in Asia, up from $300 million last year, with China accounting for roughly two thirds. While growth is tapering off in the mature markets of North America and Europe, growth in Asian markets -- China's in particular -- has attracted industry heavyweights such as Schaeffler Group and SKF "Asia is the number one growth market of the Timken company, and within that China is the number one growth market for us in Asia," CEO James Griffith told Reuters in an interview in Shanghai. To maintain that momentum, Timken, which operates 5 manufacturing facilities in China, will keep investing in the country it entered in 1993, said Griffith, who chaired the company's first-ever board meeting in China on Thursday. In 2006, Timken, whose bearings can be found in a range of products from roller coasters and family vehicles to jet engines, invested $300 million globally, or 6 percent of its turnover. Capital investment will be at a similar level this year, with a third going to Asia, its third-largest regional market which could catch up with North America 10 years from now, said Griffith, who is also the president of the company. Timken will hire 700 to 800 staff in China next year, on top of the existing workforce of 3,500, which is out of 4,500 in the whole of Asia