Timken invests USD 60 mln in the new bearing factory in Ploiesti

US firm Timken has invested EUR 60 million in its second bearing plant in Ploiesti. The factory will employ 120 people, said Andreas Roellgen, Timken deputy president in Europe, Asia and Africa, reports local Ziarul Financiar. The new unit's production activities will take place on an area of 15,000 sqm, according to Timken officials. The US group entered the local bearings production in 1997. In 2016, the company had a turnover of EUR 81.3 million in Romania, up 2% over 2015. It posted a net profit of EUR 12.9 million last year, up 9% year-on-year. Hans Klemm, the US Ambassador to Romania, took part yesterday in the new plant’s inauguration in Ploiesti. He said that this is a good example of the potential that exists in Romania for US companies. Timken operates 63 factories in the entire world. editor@romania-insider.com