The Timken Company Layoffs.

[moneysense]

The Timken Company makes specialty steels and roller bearings and has companies around the globe, and layoffs are expected to impact Timken on a global basis.

The Canton, Ohio based Timken Roller Bearing expects to make layoffs of salaried employees. This will generate pretax savings of $30 to $40M.

Timken has about 25,000 workers, 8,500 of which are salaried employees, and about 27 percent of these salaried employees are based in Canton, Ohio with some scattered around Stark County Ohio.

These salaried employee cuts are supposed to be permanent, but the hourly job reductions are expected to return to normal once business picks back up.

Timken has reduced operating hours and cut days worked per week in hope to keep production and demand on a more even keel.