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Ohio


Shareholders may make more if there are two Timkens on the market

by WKSU's TIM RUDELL


Reporter
Tim Rudell
 
For now Timken operates both a world-leading bearing manufacturing division and a high-end specialty steel making division...to serve the bearing part of the company, and supply other companies and industries that need precision made, high-quality steel
Courtesy of tpr
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In The Region:

When the votes were tallied at the May 7th annual meeting of Timken shareholders fifty three percent said yes to at least examining the potential of spinning off Timken’s steel making arm as a separate entity. 

The vote was non-binding but Timken Chairman Ward Timken, Jr. said after it that the company would figure out appropriate response within 45-days. 

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Now, thirty days later the Walkover at Timken HQ in Canton company has formed of a committee made up of all outside and non-family members of the board of directors to delve into the split strategyWard Timken, JRThe Committee hired the investment banking firm of Goldman, Sachs to help with the evaluation, and a report is expected by the end of the third quarter. 

The issue of carving away Timken’s Steel Division as a separately traded companyWorld HQ of the Timken COmpnay in Canton, OH has been pushed by Relational Investors, an activist investor group, and it’s partner, the California State Teachers' Retirement System-- together they own more than seven percent of  current Timken stock. 


Related WKSU Stories

Timken shareholders vote to split the company
Tuesday, May 7, 2013

Morning headlines: Inspectors looking into Timken accident that killed two
Monday, May 6, 2013

Stark County watches nervously as a vote on splitting up Timken nears
Tuesday, April 30, 2013

Another shareholder adviser sides with splitting Timken
Monday, April 29, 2013

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