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Economy and Business


Timken announces headquarters reshuffle in Canton and Jackson Twp.
Company is splitting under shareholder pressure
by WKSU's KABIR BHATIA


Reporter
Kabir Bhatia
 
In The Region:
Timken has announced the next step in the company's split. Its steel business, which is being spun-off, will remain in the company's Canton offices, on the city's southwest side.
And its newly expanded technology center in Jackson Township, just south of the Akron-Canton Airport, will become the corporate headquarters of the specialized bearing business.
The moves are part of a separation announced in September, done over the initial objections of the Timken family, the company’s senior management and the United Steelworkers union. It was pushed by shareholders who argued that the combined company’s stock was undervalued.
The split of the more than 100-year-old company is slated for completion by June.  The bearing company will have annual revenue of $3.4 billion, while the steel company will generate about half that. 
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