Ground-Breaking ceremony of the Timken-NSK joint venture in Suzhou

Ground-Breaking Ceremony of the Timken-NSK Joint Venture in Suzhou NSK Ltd. (NSK) and The Timken Company (Timken) today broke ground for their manufacturing joint venture, Timken-NSK Bearings (Suzhou) Co., Ltd. The agreement to form this joint venture was signed in April 2002. The mayor of Suzhou City, local government dignitaries, local business leaders and executives of both NSK and Timken were present at this ground - breaking ceremony. Ownership of the joint venture will be divided evenly between Timken and NSK with production scheduled to begin in 2004. Seiichi Asaka, President and Chief Executive Officer of NSK Ltd, remarked, ¡°that a joint venture plant in China managed jointly by an American and Japanese company is still a case that is not very often seen. Timken, the leading bearing manufacturer in the United States, and NSK, the major player in Japan, will combine their leading-edge technologies to China, known for her highly-skilled population, and establish the most efficient taper roller bearing plant in the world.¡± Tapered roller bearings are used frequently for automotive applications such as transmissions and wheels. As many automakers in the world move their production facilities into Asia, especially into China, it has become important to be able to provide a stable supply of bearings at a reasonable price. This joint venture plant will utilize the technological strengths of both Timken and NSK to produce single-row tapered bearings. By reducing costs and increasing global competitiveness, the joint venture will be able to create additional value for our customers.