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Timken Acquires City Scrap and Salvage
01/03/2011 - Timken subsidiary TSB Metal Recycling LLC has purchased the assets of City Scrap and Salvage Co. of Akron, Ohio. City Scrap has been supplying Timken with ferrous scrap for more than 15 years.
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Timken's acquisition of City Scrap will help to streamline the supply of scrap to the company’s steel operations, resulting in improved efficiency and increased supply chain reliability.
While the new venture will simplify Timken's ability to effectively recycle the industrial scrap generated from its own bearing and steel operations, City Scrap also will continue to buy scrap from dealers and individuals at its West Wilbeth Road location in Akron.
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City Scrap, which employs 30 people, has been supplying Timken with ferrous scrap for more than 15 years. Its revenues were approximately $17 million in 2010.
“For our plants, steel scrap sources are essential as we continue to expand our business," said William P. Bryan, Director of Supply Chain and Supply Chain Economics for Timken's steel group. "Acquiring City Scrap further ensures we have the resources needed to serve our customers now and in the future.”
Timken says its acquisition of City Scrap is consistent with its history of establishing and maintaining reliable resources for its businesses. In fact, the founding of Timken's steel business in 1917 traces back to the company's need for a dependable steel supply for its bearing business.
The acquisition also reinforces the company's significant recycling activities and ongoing commitment to the environment. "Since the beginning, we have used scrap to produce steel," said Bryan. "In today's operation, nearly 100% of the content of our steel comes from recycled material."
Timken provides innovative friction management and power transmission products and services. Timken’s approximately 17,000 employees generated sales of $3.1 billion in 2009 from its operations in 27 countries / territories. TSB Metal Recycling is a wholly owned subsidiary of Timken.
