UPDATE 2-Timken to cut 700 jobs, lowers profit outlook

Newswire

(Recasts first sentence, adds CEO comment, details, stock action, CHICAGO dateline) CHICAGO, Sept 29 (Reuters) - Timken Co. on Friday said it would cut about 700 jobs, or 5 percent of its automotive group employment, and significantly lowered its earnings outlook citing a decline in North American auto industry production, sending shares down 11 percent. "The widening decline in North American auto industry production has had a significant impact on our performance," Timken Chief ...

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