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.
Media
Contact:
|
Investor
Contact:
|
Pat
Carlson-Burnham
|
Steve
Tschiegg
|
Global Media
Relations
|
Director - Capital
Markets & Investor Relations
|
4500 Mount Pleasant
St.
N.W.
|
4500 Mount Pleasant
St. N.W.
|
North Canton, OH
44720
U.S.A.
|
North Canton, OH
44720 U.S.A.
|
Telephone:
234.262.3514
|
Telephone:
234.262.7446
|
pat.burnham@timken.com |
Steve.tschiegg@timken.com
|
Logo -
http://photos.prnewswire.com/prnh/20100210/TIMKENLOGO
SOURCE The Timken Company