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

Levin Furniture

Wayside Furniture

Northeast Ohio Medical University


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


Split Timken stock begins selling on Wall Street
Timken stock now trading as separate steel and bearings companies
by WKSU's KABIR BHATIA


Reporter
Kabir Bhatia
 
The Timken Company is now trading separately from Timkenstell on the NASDAQ.
Courtesy of File Photo
Download (WKSU Only)
In The Region:

TimkenSteel and the Timken Company officially started trading stock as separate companies today, the day the 115-year-old Canton company official split into two.

Shareholders voted last year to force the split of the steel and bearings divisions. TimkenSteel Chairman Ward “Tim” Timken made the trip to New York to welcome his new company to Wall Street. He says the concept of separating has arisen at least four times during his tenure.

 

LISTEN: TIMKEN ON NEW STOCK

Other options:
Windows Media / MP3 Download (0:19)


“We looked at it," Timken says. "We came to the conclusion that we were better off optimizing the performance of the two businesses as part of a larger corporation than breaking it into two, then optimizing. As we got into this last review, the conclusion that we reached is that we have optimized the performance of the business. And if there was a time to do it, now is as good as any.”

Timken says that separation costs have come in under budget, and he likes to call TimkenSteel a “100-year-old start up.”

The united Timken’s stock was trading just under $68 on Monday, but dropped to $48, now for just the bearing company, after the split. The new TimkenSteel opened at around $40.

Add Your Comment
Name:

Location:

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


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Three exonerated of murder convictions from 18 years ago
Thanks heavens that none of them have been condemned to death. This alons should convince the USA to join the civilized world by abolishing the death penalty. E...

Kombucha: a sweet business brewed with fermented tea
Stevia is not an artificial sweetener. It is a plant. I have one growing in my sunroom. The leaves are dried and added to teas. It's harvested commercially and...

Bringing back ballet in Cleveland
I do think Ballet in Cleveland is doing good things, but the fact that director says "When we have flourishing companies like the New York City Ballet and the A...

Report confirms some Vietnam veterans may have been exposed to Agent Orange
was in nam 1969 exposed va stated lost medical records was in lawsuit from 197? till settled 0 $ 2010 ? said all nam vets will get back disability till 198? jus...

Mentorship grant program redefines "faith-based" provision
Can't anyone have values, beliefs, and morals anymore? How is it anymore unconstitutional for a school partner with a "faith-based" organization than any other ...

Exploradio: The challenge of finding a healthy balance with technology
Thank you, Jeff, for another well done Exploradio. I always learn something interesting about what is happening in NE Ohio.

Northeast Ohio's transgender community rallies around restroom issue
A good first step would be for Cleveland to require restaurants to have a public restroom. Cleveland is the only city I've ever been in where restaurants somet...

Vapor shops say tobacco tax hikes could hit them hard
Maybe you should be DOING a study, since every time you've tried to villianize them all that's happened was the opposite. I'm not a fan of alcohol that's flavor...

New law gives access to birth records to Ohio adoptees
Can siblings also look for their missing brother or sister? And how do we go about it?

Ida McKinley's tiara comes home, with the help of "Pawn Stars"
I donated to the fund to keep the tiara at the museum where I believe it belongs. I took my 16 year old granddaughter to the showing I dont think it will be som...

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