The Timken Co. announced plans to restructure the company to support continued improvement in operational performance and acceleration of profitable growth. Under the new model, Timken will operate with two major business groups: the Steel Group and the Bearings and Power Transmission Group. When fully implemented, Timken expects to save approximately $10-$20 million as a result of the changes.

Timken’s new Bearings and Power Transmission Group includes four divisions: Mobile industries; Process Industries; Aerospace and Defense; and Distribution and Services.