The Timken Company To Separate Its Businesses Into Two Independent Publicly Traded Companies; Ward H. Timken to Serve as Chairman and CEO of New $1.7B Steel Company; Richard Kyle to Serve as President and CEO of $3.4B Bearings and Power Transmission Compa
September 05, 2013 at 16:07 PM EDT
The Timken Company (NYSE: TKR ) today announced that its board of directors has approved a plan to pursue a separation of the company's steel business from its bearings and power transmission business through a spinoff, creating two publicly traded companies. Under this plan, the new engineered steel company will