The Timken Company will lay off 58 employees and close its Hiddenite operation by the end of the year.
In a notice, the company said the facility at 1095 McClain Road will close no later that December 31st, 2025. The company will begin laying off employees in July.
Timken is a technology company that specializes in industrial motion and produces engineered bearings.
The Ohio-based company reported on Feb. 5 sales in fiscal year 2024 were down 4.1% compared to fiscal year 2023.
In a press release about fourth quarter and 2024 results, the company said it expected to implement “cost reduction actions that are expected to generate gross savings of approximately $75 million in 2025.”