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AR2004
The document is Timken Company's 2004 annual report. It discusses: 1) Timken achieved record sales of $4.5 billion in 2004, a 19% increase over 2003, and net income nearly quadrupled to $135.7 million. 2) The company strengthened its financial position in 2004, lowering its debt-to-capital ratio despite higher working capital needs. 3) Timken made progress integrating its largest acquisition, The Torrington Company, and realized $80 million in integration savings, ahead of target.
