The Timken Company is considering investing $225 million at its Canton, Ohio-based Faircrest Steel Plant to increase capacity, expand product range and strengthen competitiveness of its alloy-steel bars. A ladle refiner and large-bloom continuous caster would be central to the investment, targeted to begin production in 2014. The investment would increase Faircrest’s shipped capacity by 25%. A team from Timken is beginning discussions with suppliers and government officials.

The University of Akron and Timken announced a novel open-innovation agreement to accelerate technology development. The organizations plan to combine their expertise in materials and surface engineering at newly established laboratories in the UA College of Engineering. According to the agreement, Timken will contribute resources to establish the Timken Engineered Surfaces Laboratory, which will be located in a new facility currently under construction on the UA campus. Timken will fund and equip the new Timken Engineered Surfaces Laboratory, one of five laboratories to be housed in the new engineering research building.