{"id":9280,"date":"2014-06-17T18:06:41","date_gmt":"2014-06-17T18:06:41","guid":{"rendered":"https:\/\/staging.asminternational.org\/hts-new\/results\/-\/journal_content\/56\/10192\/19550956\/NEWS\/"},"modified":"2023-02-07T04:49:57","modified_gmt":"2023-02-07T04:49:57","slug":"timken-announces-date-for-spinoff-of-its-steel-business-as-independent-company","status":"publish","type":"post","link":"https:\/\/www.asminternational.org\/hts\/timken-announces-date-for-spinoff-of-its-steel-business-as-independent-company\/","title":{"rendered":"Timken announces date for spinoff of its steel business as independent company"},"content":{"rendered":"<p>\n\tThe 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.<\/p>\n<p>\n\tTimken 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&nbsp;23,&nbsp;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.<\/p>\n<p>\n\tAfter the spinoff, Timken will continue to focus on its core bearings business as well as related power transmission products and services.<\/p>\n<p>\n\t&#8220;With this strategic value-building initiative soon behind us,&#8221; said Richard G. Kyle, Timken president and chief executive officer, &#8220;we will continue to manage the business for profitable growth while maintaining our focus on delivering products and services that keep the world&#8217;s industries working reliably and efficiently. We&#8217;re certainly encouraged by our progress and confident in our future prospects.&#8221;<\/p>\n<p>\n\t<a href=\"http:\/\/www.timken.com\/\">www.timken.com<\/a><\/p>\n<p>\n\t&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":63082,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[444,439,458,440,441,1],"tags":[],"class_list":["post-9280","post","type-post","status-publish","format-standard","hentry","category-aerospace-and-defense","category-general","category-marine-applications","category-news","category-news-articles","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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