Shareholders claim Timken turning 'blind eye' to value
Mar 14, 2013 | 11:08 AM
| Corinna Petry
Tags
Timken,
James Griffith,
Interlube Systems,
Greenbrier,
Wazee,
Relational Investors,
California State Teachers Retirement System,
Corinna Petry
CHICAGO — Timken Co.’s acquisition of Interlube Systems Ltd. to further diversify its portfolio of businesses underscores the steel and bearings manufacturer’s "blind eye" to the large conglomerate discount impairing its share price, shareholders Relational Investors LLC and the California State Teachers’ Retirement System claim.
"While the Interlube acquisition (amm.com, March 13), along with Timken’s acquisitions of Greenbrier Cos. (amm.com, March 1) and Wazee Cos. LLC (amm.com, Jan. 2) over the past (few) months, may be sound acquisitions in terms of supporting the bearings business, none of the true value of these acquisitions can be realized for shareholders as long as the conglomerate discount continues to impair Timken’s valuation in the marketplace,"....
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