Timken committee to evaluate steel spinoff

Jun 11, 2013 | 04:38 PM | Corinna Petry

Tags  Timken, steel, spinoff, shareholder proposal, California State Teachers Retirement System, Relational Investors, Joseph Ralston, Ralph Whitworth corinna petry

CHICAGO — Timken Co., whose shareholders voted last month in favor of a nonbinding proposal to spin off its steel business from its other business units, has formed a strategy committee to evaluate the possibility and to review the company’s corporate governance and capital-allocation strategy.

About 53 percent of the votes cast at the annual meeting May 17—representing about 47 percent of the company’s outstanding shares—were in favor of a split, the Canton, Ohio-based company had reported (amm.com, May 7).....

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