Timken Lands $1 Billion Navy Contract
The Timken Company received a multi-year contract from the U.S. Department of Defense to provide engineering and supply Philadelphia Gear main reduction gears (MRGs) for the Navy's next generation of Arleigh Burke DDG 51 class ships. The deal could be worth more than $1 billion over its life. Timken, which acquired Philadelphia Gear in 2011, expects to provide the gears for new ships over the next decade. Here’s the press release.