Timken board urges ‘no’ vote on spinoff

Mar 22, 2013 | 03:29 PM | Corinna Petry

Tags  Timken Co., spinoff, steel, bearings, shareholders vote, board recommendation, Relational Investoprs LLC, California State Teachers Retirement System unlockTimken.com

CHICAGO — Timken Co.’s board of directors has recommended to shareholders that they vote down a proposal to spin off its steel business.

Timken’s directors said they carefully evaluated splitting the Canton, Ohio-based company’s steel and bearings divisions, which was proposed last year (amm.com, Dec. 3). However, there are "significant technology, cost and revenue synergies between them, and the value created by these synergies, the diversification benefits from continuing to operate under the current structure, and the costs of a separation would offset any near-term valuation increase," they said in the company’s annual meeting notice and proxy statement filed....

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