The research centre will provide engineering solutions to support Timken's global operations and will act as the `foundation stone for Timken's twentieth century operations,' said Timken president and CEO James W Griffith.
Addressing the media, he said " the Timken facility in Bangalore is only second to our facility in the US. The work done out of here will lay the foundation for our growth in Asia."
He said the manufacturing facility of Timken at Jamshedpur, Timken India Ltd had exported goods worth $14 million in the past calendar year. Of this, 50 per cent was exported to the US and 25 per cent was sold in Western Europe. Observing that the industry was witnessing a never before change in steel prices, he said that commodity prices in steel had escalated by 45 per cent over the past two years in world economies. The largest consumption was in Chinese manufacturing industry, which saw huge investments in infrastructure. India would soon be taken over by a similar manufacturing boom, he said.
Timken, which has 26,000 employees across 26 countries, makes an annual global investment of $ 50 million in research and development. The company recorded global sales of $3.8 billion during the year 2003.