Timing off for Timken spinoff: analyst
Feb 20, 2013 | 05:20 PM
| Corinna Petry
Tags
Timken,
James Griffith,
Relational Investors,
California State Teachers Retirement System,
spinoff,
steel business,
Samuel Eisner,
William Blair
Christopher Plummer
CHICAGO — Looking to persuade Timken Co. to spin off its steel business from its bearing operations, Relational Investors LLC claims that independent equities analysts support the view that the two should be separated "to unlock significant value for all shareholders."
Samuel Eisner, research analyst at William Blair Co. LLC, Chicago, and co-author of one of the reports cited by Relational Investors and the California State Teachers Retirement System (CalSTRS) in support of the spinoff, agreed that in the long run such a move would create shareholder value, although he cautioned that the timing isn’t perfect.
Steel demand from end markets must be returned to health "before a separation should take place," Eisner told AMM.....
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