Timken Completes Spinoff of TimkenSteel Corporation
CANTON, Ohio, June 30, 2014 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com) announced that it has completed its spinoff of TimkenSteel Corporation, which begins trading as an independent public company tomorrow on the New York Stock Exchange under the symbol "TMST."
"The spinoff offers exceptional opportunity to drive value for both The Timken Company and TimkenSteel Corporation, their respective employees and shareholders," said Richard G. Kyle, president and chief executive officer of The Timken Company. "We offer congratulations to Tim Timken and the entire TimkenSteel team on their launch as an independent steel company, and wish them every success in advancing their leadership position as a special bar quality steelmaker. At the same time, we extend a special thanks to Timken associates for their hard work and commitment in successfully facilitating the separation."
Timken announced in September 2013 that it planned to separate its steel business in a tax-free spinoff to Timken shareholders. This spring, the Timken board of directors declared a distribution of all outstanding common shares of TimkenSteel Corporation through a dividend. At the close of business on June 30, Timken shareholders received one common share of TimkenSteel Corporation for every two common shares of Timken they held as of the close of business on June 23, 2014.
After the spinoff, The Timken Company will continue to focus on its bearings business as well as power transmission products and related services, which include gearboxes, chain, lubrication systems, transmissions, and other related rebuild and maintenance services. "We are committed to creating value for our customers and our shareholders," said Kyle. "The separation is now behind us and we are focused on growing our business in targeted markets across the world."
