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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
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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.

 

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“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.

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