The Timken Co., Canton, Ohio, announces record and distribution dates for the spinoff of its steel business, which will be effected through the distribution of 100% of the common shares of TimkenSteel Corp. to holders of Timken Company common shares. Following the distribution, TimkenSteel will be an independent, publicly traded company; it has received approval to list its common shares on the New York Stock Exchange under the symbol TMST.
Timken shareholders will receive one TimkenSteel common share for every two common shares of Timken held at the close of business on the record date of June 23, 2014. Timken shareholders entitled to receive the June 30 distribution will receive a book-entry account statement or a credit to their brokerage accounts reflecting their new ownership of TimkenSteel common shares.
After the spinoff, Timken will continue to focus on its core bearings business as well as related power transmission products and services.
“With this strategic value-building initiative soon behind us,” said Richard G. Kyle, Timken president and chief executive officer, “we will continue to manage the business for profitable growth while maintaining our focus on delivering products and services that keep the world’s industries working reliably and efficiently. We’re certainly encouraged by our progress and confident in our future prospects.”
