Timken Reorganizes Businesses

Timken Reorganizes Businesses Timken Co., which makes bearings and alloy steel, said Monday it has reorganized its businesses into two major groups in a move designed to improve operational performance.Under the new organization, Timken will be divided into the steel group and the bearings and power transmission group. The bearings and power transmission group will be divided into four divisions including mobile industries, process industries, aerospace and defense, and distribution and services. Michael C. Arnold was named executive vice president and president of the bearings and power transmission group, while Salvatore J. Miraglia Jr. will continue as president of the steel group, Timken said.Timken said it also named Jacqueline A. Dedo senior vice president for innovation and growth. The organizational changes are mainly focused on improving Timken's operating effectiveness and are also expected to streamline operations and eliminate redundancies. When fully implemented, the company expects to save about $10 million to $20 million as a result of the changes.Timken shares rose 94 cents, or 2.7 percent, to $35.19 in morning trading.