Timken shareholders back spinoff proposal
May 07, 2013 | 05:18 PM
| Corinna Petry
CHICAGO Timken Co. shareholders have voted in support of a nonbinding proposal to spin off the companys steel business.
"We appreciate the thoughtful feedback weve 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 companys 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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