{"id":47112,"date":"2013-09-07T08:09:00","date_gmt":"2013-09-07T08:09:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/the-timken-company-to-spin-off-business\/47106\/"},"modified":"2013-09-07T08:09:00","modified_gmt":"2013-09-07T08:09:00","slug":"the-timken-company-to-spin-off-business","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/the-timken-company-to-spin-off-business\/47112\/","title":{"rendered":"The Timken Company To Spin-Off Business"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p>The Timken Company\u2019s (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=TKR\" target=\"_blank\" rel=\"noopener\">NYSE: TKR<\/a>) board of directors has approved plans to split steel business from bearings and power transmission business, making them two publicly traded\u00a0 companies.<\/p>\n<p><span id=\"more-47112\"><\/span><\/p>\n<p>According to plans, the bearings and power transmission business, which has estimated annual revenue of $3.4 billion, will continue to operate as The Timken Company.<\/p>\n<p>The steel unit has estimated annual revenue of $1.7 billion.<\/p>\n<p>The move to split business in two comes after company\u2019s shareholders and an activist investor urged the management to oblige their demand in order to improve the shareholders\u2019 value. Heeding to investors\u2019 demand, the Company\u2019s board made a strategic committee to appraise business scenario (if steel business was separated). After the evaluation, lead independent director, Joseph Ralston concluded, \u201c(The spin-off allows company) to more fully appreciate and value the unique strategic and financial strengths of each business.\u201d<\/p>\n<p>Under the spin-off plans, James Griffith, who at present is the CEO of the Company, will retire while Richard G. Kyle will become both the President and CEO of the bearings and power transmission unit. John M. Timken Jr. will serve as non-executive chairman of the company.<\/p>\n<p>Ward Timken Jr. will be appointed as the Chairman and CEO of the steel company.<\/p>\n<p>The spin-off process is expected to be completed within one year.<\/p>\n<p>The proposal to split the company in two was first put forward\u00a0 in 2012 by CalSTRS&#8211;California State Teachers&#8217; Retirement System\u2014which was also supported by activist fund Relational Investors. Earlier in May shareholders also voted in support of a spin-off.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_popular_placeholder\" data-permalink=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/the-timken-company-to-spin-off-business\/47112\" data-title=\"The Timken Company To Spin-Off Business\"><\/div>\n<p><script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130910003510js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> <\/p>\n<p><!-- AddThis Button BEGIN --><\/p>\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a><br \/>\n<a class=\"addthis_button_preferred_2\"><\/a><br \/>\n<a class=\"addthis_button_preferred_3\"><\/a><br \/>\n<a class=\"addthis_button_preferred_4\"><\/a><br \/>\n<a class=\"addthis_button_compact\"><\/a><br \/>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n<p><script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script><br \/>\n<!-- AddThis Button END --><\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/john-wiley-sons-maintain-full-year-outlook\/47138\"><br \/>\nJohn Wiley &#038; Sons Maintain Full-Year Outlook<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/koch-industries-to-acquire-molex-for-7-2-billion\/47137\"><br \/>\nKoch Industries To Acquire Molex For $7.2 Billion<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-futures-almost-flat-silver-slips\/47135\"><br \/>\nGold Futures Almost Flat, Silver Slips<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-higher-in-mid-day-trading-dow-crosses-15000-level\/47132\"><br \/>\nStocks Higher in Mid-Day Trading, Dow Crosses 15,000 Level<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-higher-in-early-trade-2\/47129\"><br \/>\nStocks Higher in Early Trade<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-index-edges-down\/47127\"><br \/>\nForex Market Update: Dollar Index Edges Down<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-ease-slightly-silver-prices-slip-as-well\/47120\"><br \/>\nGold Prices Ease Slightly, Silver Prices Slip As Well<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130910003510im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script--><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Timken Company\u2019s (NYSE: TKR) board of directors has approved plans to split steel business from bearings and power transmission 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