The Timken Co. will spend $60 million over the next three years and hire as many as 200 engineers at its global tech centers as part of what the company calls its DeltaX Initiative.
Timken said Wednesday it has “fundamentally redesigned” its engineering and business systems teams. The company has relocated its headquarters from Canton to its tech center and office campus in Jackson Township, near Akron-Canton Airport, ahead of its steel division spinoff later this month,
Initiative goals include introducing 30 percent more products and features to the market for what will become a bearings and power transmission company following the steel spinoff, Timken said.
The multiyear DeltaX Initiative replaces a traditional functional structure with a more collaborative one designed to improve “concept-to-commercialization,” Richard Kyle, president and chief executive officer, said in a statement.
“Through DeltaX, we’re integrating Timken talent, technology and tools in a way that will allow us to be even more agile and competitive,” Kyle said. The company called the initiative an investment in “talent and tools.”
The new engineering jobs will be spread over Timken’s tech centers in Jackson Township, Romania, China and India. How many engineers will be hired at each tech center has not been determined, a company spokeswoman said.
Timken is shaking up its executive team as part of the initiative with new appointments of company veterans to head what it called “three focused product growth streams”:
• Douglas H. Smith will lead Tapered Roller Bearings. He previously was senior vice president and chief technology officer. He joined Timken in 1991.
• Amanda J. Montgomery will lead Industrial Bearings. She has been at Timken since 1998, and most recently was product line executive of Industrial Bearings.
• Hans Landin, a Timken employee since 1996, will lead Power Transmission and Engineering Systems. He most recently was product line executive of that division.
Timken also said that Stephen P. Johnson will head research and development. He joined Timken in 1975 after previously holding several technology-related director-level positions.
The steel spinoff is expected to take place on June 30.
The new independent TimkenSteel Corp. will be headquartered in Canton.
Shares of Timken lost 21 cents Wednesday to close at $66.35.
Jim Mackinnon can be reached at 330-996-3544 or firstname.lastname@example.org.