Timken shareholders back spinoff proposal

May 07, 2013 | 05:18 PM | Corinna Petry

Tags  Timken Co., steel, bearings, spinoff proposal, proxy vote, Relational Investors, teachers pension fund, Tim Timken Ralph Whitworth

CHICAGO — Timken Co. shareholders have voted in support of a nonbinding proposal to spin off the company’s steel business.

"We appreciate the thoughtful feedback we’ve received from our shareholders on the spinoff proposal as well as their broader input on corporate governance and capital allocation," chairman Ward J. "Tim" Timken Jr. said in a statement after the Canton, Ohio-based company’s annual shareholders meeting May 7. "The board will carefully evaluate the views of our shareholders and announce next steps within 45 days."....

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