Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Timken, an American manufacturer of bearings and related components, is to open a new bearing plant in Romania. In December 2015, the company started the building of the new plant.
The company announced that 120 persons will be hired by the end of 2018. The new 15,000-square-meter site, which is to produce conical roller bearings, is located near Ploiesti (Prahova County). Timken is a beneficiary of the state aid scheme for foreign investors, and received 17.4 million euro from the Romanian Government. The total investment is approximately 60 million euro.
The first plant operated by Timken opened in Romania in 1997. The company operates in 28 countries with a total employee base of 14,000.
Eurofound (2017), Timken, Business expansion in Romania, factsheet number 91180, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91180.