Timken to Receive Payment from 'Continued Dumping and Subsidy Offset Act'
Canton, OH - In the initial application of legislation enacted last year to provide redress to companies harmed by unfair dumping of imported products, The Timken Company is one of several firms that has been notified by the U.S. Treasury Department it will be receiving a payment under the Continued Dumping and Subsidy Offset Act (CDOSA). The amount Timken is to receive is $31 million.
The CDOSA provides for distribution of dumping and subsidy duties collected by the U.S. Customs Service to domestic producers who supported trade cases in which the government found injury to a U.S. industry because of unfairly priced imports.
As a leading worldwide manufacturer of highly engineered bearings, Timken qualified for a distribution of assessed duties based upon the company's support of U.S. International Trade Commission investigations and the company's consistent investments in technology to remain competitive globally. The investigations covered 10 countries and three categories of bearings— tapered roller, ball and cylindrical.
"Decade after decade, we have continued to make significant investments in research and development, facilities and training of our workforce to keep advancing technology and the quality of our products and services," said W.R. Timken, Jr., chairman and chief executive officer. "We have done all of this even as unfairly priced imports kept on flooding U.S. markets. We believe strongly in international fair trade. The Treasury Department payment is a clear recognition of the vital importance of continued investments by companies such as ours in developing innovative technologies and contributing to a stronger America."
Dumping occurs when a supplier sells a product at prices lower than its cost of production or lower than prices it charges in its own country, thus impeding the ability of U.S. companies to innovate and compete.