Kevin Ellis for Businessnc.com
North Canton, Ohio-based Timken is closing the Alexander County manufacturing facility it acquired two years ago, resulting in the loss of 58 jobs.
The global manufacturer of bearings and power transmission products says the first layoffs will occur July 31 and continue through the end of the year, according to a Worker Adjustment and Retraining Notification (WARN) filed with the state.
Employees were notified of the plant closing on Feb. 20, according to a statement released by the company. “While difficult, we’re making this change to streamline our operations to better support our customers,” according to the statement.
Timken said it is offering on-site counseling, transfer bonuses and retention and severance pay. “We will be transparent and are committed to providing notice of at least 60 days so employees can plan for their futures,” according to the statement.
Timken acquired the assets of American Roller Bearing on Feb. 1, 2023. American Roller Bearing, a company that began in 1911, had factories in Hiddenite in Alexander County and about 50 miles west in Morganton. American Roller Bearings employed about 190 people between the two sites at the time.
The company says it will continue to manufacture in Morganton, although it declined to say how many people work there. Timken paid American Roller Bearing $1.9 million for the Morganton site, which sits on more than 14 acres.
Timken paid American Roller Bearing just under $2.1 million for the Hiddenite plant, which is on almost 32 acres of land, according to Alexander County tax records. American Roller Bearing had owned the property since at least 1997.
Timken has about 19,000 employees and operates in 45 countries. In 2024, the company had revenue of $4.5 billion, about 4.1% less ($196 million) than the year before. Its net income dropped 8% to $375.3 million, compared with $408 million in 2023. Shares traded around $79 at 2:30 p.m. Tuesday, after trading between $69.35 and $94.71 in the past year. It has a market capitalization of $5.5 billion.