News Home
Quick Bites
News Archive
News Channel
Special Features
On AirNewsClassical
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Area Agency on Aging 10B, Inc.

Meaden & Moore

Akron Children's Hospital

For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )

Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business

Stark County's Timken is splitting into two companies
Steel business will separate from the bearing and power transmission divisions; shuffling of top positions accompanies the change

Web Editor
M.L. Schultze
Timken's steel business will be about half the size of the bearings business, but is the much bigger share of jobs and investment in Stark County.
Courtesy of M.L. Schultze
Download (WKSU Only)
In The Region:

Timken Company is doing what outside shareholder have been pushing it to do: splitting its steel and bearings businesses into two. WKSU’s M.L. Schultze has more on today’s announcement.

LISTEN: Timken announces a final split

Other options:
Windows Media / MP3 Download (0:58)

The Canton-based Timken says its steel division will become one stand-alone, publicly traded business, while its bearings and power transmission division will become another.

All this is expected to be completed by the end of next year. 

The split comes over the initial objections of the Timken family, the company’s senior management and the United Steelworkers union. It was pushed by the California State Teachers Retirement System and an allied advisor called Relational Investors, who won a proxy vote at the company’s annual meeting in Canton this spring. They argued that the combined company’s stock was undervalued, and the  pension spokesman, Mike Sicilia, says the final decision is a good one.

“We believe this will create a long-term benefit for shareholders and two really good companies for the Canton area.”

But many in Stark County fear the split could disrupt Canton’s more than 100-year-old relationship with Timken.

Timken estimates the bearings company will have annual revenue $3.4 billion, while steel will do about half that. The steel division employs by far the greatest number of the 2,300 union members who work in Stark County, and the company also has its research and headquarters here. 

Timken’s chairman, Ward J. Timken Jr., will head the steel business. The current CEO, James Griffith will retire. And Richard Kyle will take over bearings.

Add Your Comment


E-mail: (not published, only used to contact you about your comment)


Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook

Stories with Recent Comments

Backers of legalizing marijuana in Ohio promise to be back in 2016
We should be aloud to grow more than 4 plants and not have to register with the state considering it will be a free market.

Akron says it's had no second thoughts about welcoming refugees
What business does Councilman Neal own on North Hill? I'd love to support him. I am so glad to have the refugees in our neighborhood. I have lived here for 25 ...

Scarborough says the University of Akron is trying to rebuild relationships
In order for the University of Akron to grow and become a desirable place for students across Ohio and elsewhere, it must address the crime problem in the Akron...

Ohio Sen. Cliff Hite wants to end pay-to-play sports fees at Ohio's schools
You can bet Hite and Husted will also rush to the rescue of the Academic Challenge team, the speech-and-debate squad, the Science Olympians and the chess club. ...

Ohio lawmakers consider new gun bills
States that have gun restrictions/cities have reduced gun violence is false. CHICAGO has some of the toughest gun laaws/restrictions but yet fun violence is off...

Cleveland's public transit system considers fare increase for 2016
I work with individuals with disabilities. Yes some of my folks need more help than the average person. As a whole, the group I work with however can manuver ju...

Community group sues to re-open part of Wadsworth hospital
My father was part of the founding group of citizens which started the "new" Wadsworth/Rittman Hospital. For some reason the leadership for the future of the ho...

The Cleveland Museum of Art presents painters who loved their gardens
brilliant masterpiece, Greetings from

Ohio Sen. Tom Patton proposes bill for firefighter cancer benefits
Thank you Senator Patton. On behalf of all of those who love our firefighters; we appreciate that someone is standing up for them and their continued health. ??...

Copyright © 2015 WKSU Public Radio, All Rights Reserved.

In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University