The Timken Co. of Canton, Ohio, has completed the purchase of a group annuity contract to pay future benefits for about 5,000 U.S. salaried retirees.

The annuity, according to the company, will reduce the company's gross pension liability by about $600 million.

The global manufacturer of bearings said the annuity, purchased from Prudential Insurance Co. of America, will begin paying benefits in April.

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