CANTON, Ohio -- The Timken Co. has reported that members of United Steelworkers Local 1123 based in Canton failed to ratify a tentative agreement between their bargaining representatives and the company.
 
The contract offered to the workers included wage and benefit increases, a signing bonus for ratification and additional job security measures, according to Timken.
 
Timken Steel Business President Salvatore Miraglia, said, "Many parts of this company are growing and expanding around the world. We are disappointed in this outcome because the contract was a necessary step before our commitment to invest $225 million in steel operations in Canton."
 
Miraglia noted that the existing contract remains in effect until September 2013 and said the company will evaluate other investment opportunities in bearing and power transmission markets and operations worldwide to support the company's overall growth strategy.