Timken agrees to spin off steel business
Sep 06, 2013 | 11:07 AM
| Corinna Petry
CHICAGO Timken Co.s board has agreed to split the companys 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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