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."
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs, engineers, manufactures and markets Timken® bearings, transmissions, gearboxes, chain and related products, and offers a spectrum of power system rebuild and repair services around the world. The leading authority on tapered roller bearings, Timken today applies its deep knowledge of metallurgy, tribology and power transmission across the broad spectrum of bearings and related systems to improve the reliability and efficiency of machinery and equipment all around the world. Known for its quality products and collaborative technical sales model, Timken had $3 billion in sales in 2013 (excluding Steel segment sales). With approximately 17,000 people operating from 28 countries, Timken makes the world more productive and keeps industry in motion.
About TimkenSteel Corporation
TimkenSteel Corporation (NYSE: TMST; timkensteel.com) creates tailored steel products and services for demanding applications, helping customers push the bounds of what's possible within their industries. The company reaches around the world in its customers' products and is a leader in North America in large alloy steel bars (6"+) and seamless mechanical tubing made of its special bar quality steel, as well as supply chain and steel services. Operating from six countries, TimkenSteel posted sales of $1.4 billion in 2013, based on Steel segment sales as part of The Timken Company.
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Media Contact: |
Investor Contact: |
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Pat Carlson-Burnham |
Steve Tschiegg |
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Global Media Relations |
Director - Capital Markets & Investor Relations |
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4500 Mount Pleasant St. N.W. |
4500 Mount Pleasant St. N.W. |
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North Canton, OH 44720 U.S.A. |
North Canton, OH 44720 U.S.A. |
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Telephone: 234.262.3514 |
Telephone: 234.262.7446 |
| pat.burnham@timken.com |
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SOURCE The Timken Company