Timken ready for new start with spinoff of steel business

Jun 16, 2014 | 10:19 AM | Thorsten Schier

Tags  Timken, steelm spinoff, TimkenSteel, Ward J.

NEW YORK — Timken Co.’s spinoff of its steel business into a separate entity is scheduled for June 30, with common shares of the new TimkenSteel Corp. to be distributed "near day’s end," the company said.

"Timken shareholders will receive one TimkenSteel common share for every two common shares of Timken held at the close of business June 23," the Canton, Ohio-based company said.....

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