In the latest cost saving tactic, the Timken company, who is self-insured, has eliminated family health coverage for employee spouses that have access to any kind of health coverage at their place of work. In the past, Timken associates had the option to include their spouse in the family health coverage in order to augment any voids that the spouse health insurance had. That option is now eliminated. This cost savings is in addition to the prior employee cuts that include the elimination of the 401k company matching funds, wage and promotion freezes, the removal of the salary variable pay (bonus) plan, and a one week with out pay mandatory furlough at the end of the year. They also sold a profitable needle bearing division in July to acquire additional liquidity. Approximately 25% of the worldwide workforce has been eliminated. This is good news for Timken stockholders, as the company will continue to do what ever it takes to keep the multiple decade streak of never missing to pay a dividend going.