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Activist investors seek to split Timken
California investor group says Timken should spin off steel business and could force changes

In The Region:

A group of activist investors are putting together a plan to split Canton-based Timken into two publicly traded companies.

California-based Relational Investors LLC and the California teachers’ pension fund filed the proposal with regulators today.  The groups jointly own a more than 6 percent stake in Timken. 

Relational Investors founder Ralph Whitworth says Timken is significantly undervalued and should spin off its steel business.

The investor group may seek representation on Timken's board by nominating directors at a shareholder meeting.

Timken shares jumped 11.6 percent today at the news of the proposed split.


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