CANTON, Ohio, June 10, 2013 /PRNewswire/ -- The Timken Company
(NYSE: TKR; www.timken.com) today announced that its Board of
Directors has formed a Strategy Committee to evaluate a potential
separation of the company's steel business from its other
businesses and to review the company's corporate governance and
capital allocation strategy. The formation of the Committee
is in response to the non-binding shareholder proposal that was
recently approved at the company's 2013 Annual Meeting of
Shareholders.
(Logo:
http://photos.prnewswire.com/prnh/20100210/TIMKENLOGO )
The Committee consists of all independent and non-Timken family
Board members, with Joseph W. Ralston, the company's lead
director, serving as its chairman. The Committee has retained
Goldman, Sachs & Co. to assist in its evaluation.
"The Board values the feedback we received from our shareholders
through the course of the proxy process as well as at our recent
Annual Meeting," said Ralston. "The Committee, with the aid
of outside advisors, is carefully evaluating options related to
corporate structure as well as shareholder input on corporate
governance and capital allocation. The company expects to
report on the results of the Committee's evaluation by the end of
the third quarter.
"Our Committee is approaching this work with the objective of
maximizing shareholder value," added Ralston. "As we conduct
this evaluation, Timken will continue implementing its current
strategy to further improve shareholder returns while remaining
focused on serving and creating value for customers."
About The Timken Company
The Timken Company (NYSE:
TKR; www.timken.com), a global industrial technology leader,
applies its deep knowledge of materials, friction management and
power transmission to improve the reliability and efficiency of
machinery and equipment all around the world. The company
engineers, manufactures and markets mechanical components and
high-performance steel. Timken® bearings,
engineered steel bars and tubes—as well as transmissions,
gearboxes, chain, related products and services—support diversified
markets worldwide. With sales of $5.0
billion in 2012 and approximately 20,000 people operating
from 30 countries, Timken makes the world more productive and keeps
industry in motion.
Media
Contact:
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Investor
Contact:
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Pat
Carlson Global Media Relations
1835 Dueber Avenue, S.W.
Canton, OH 44706-0927 U.S.A.
Telephone: (330)471-3514
pat.carlson@timken.com
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Steve
Tschiegg
Director – Capital Markets & Investor Relations
1835 Dueber Avenue, S.W.
Canton, OH 44706-0927 U.S.A.
Telephone: (330)471-7446
steve.tschiegg@timken.com
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SOURCE The Timken Company