Timken agrees to spin off steel business

Sep 06, 2013 | 11:07 AM | Corinna Petry

Tags  Timken, spinoff, steel, bearings, James W. Griffith, Ward J. Timken, Anne Sheehan, Ralph Whitworth corinna petry

CHICAGO — Timken Co.’s board has agreed to split the company’s steel business and its bearings and power transmission business into two publicly traded companies in a move pushed for by two shareholder groups.

Under the plan, the Canton, Ohio-based engineered steel bar producer will operate as an independent publicly held company with an estimated annual revenue of $1.7 billion, while the bearings and power transmission business will continue to operate as Timken Co. with an estimated annual revenue of $3.4 billion.

The California State Teachers’ Retirement System (CalSTRS) and San Diego-based Relational Investors LLC have been agitating for the spinoff for the past year (amm.com, Feb. 19). ....





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