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.

Knight Foundation

Meaden & Moore

Hennes Paynter Communications


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

Crystal Ball says Ohio governor's race is done
How much is the Kasich campaign paying you to keep repeating the phrase "woman who is not his wife"? Fitzgerald was in the car with a friend who happens to be f...

Plane that crashed killing Case students is a popular training aircraft
The following is incorrect. The last few words should read "UNDER maximum gross take-off weight." “They have a normal take-off speed and all those take-off...

Exploradio: The never-ending war against superbugs
Super Federico ,we are so proud of you ,and very lucky to be among your friends . Keep it up human kind needs people like you to survive .Thanks for being so d...

Ohio's Lyme disease-carrying tick population is exploding
Interesting report. The last sentence needs some editing. It isn't a good idea to "save garments carrying ticks for analysis." The garments carrying t...

Teach for America enters third year in Ohio
For more background on TFA, check out http://reconsideringtfa.wordpress.com/

Faith leaders hold week-long prayer vigil at Ohio Statehouse
I think this is the wrong link to the audio. Its Andy Chow about cigarette taxes.

A $30 million plan to turn Cleveland's Public Square from gray to green
The current plan is for the Land Bank, RTA, and Mr. Jeremy Paris to run a bus line through the new Public Square and cutting the park in half. Save Public Squar...

Medina County residents question safety of proposed natural gas pipeline
I'm very concerned about this nexus project. I've received mail requesting my permission to allow the company to survey my property. I don't understand how thi...

A small group of tea party and Democrats protest at Kasich campaign stop
Enjoyed your excellent coverage of the statehouse for sometime now, never dreamed I'd be on. The feedback from people has been great. Thank you. Doris Adams

Top staffers are leaving the FitzGerald gubernatorial campaign
I's too bad that the dirt on Fitzgerald dug up by Kasich's operatives and publicized heavily by the Yellow Plain Dealer has caused the weak staffers of the Fitz...

Copyright © 2014 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