Fri 11 am: Timken to split into two companies
CANTON – In an effort to drive share prices, Canton-based Timken Company will separate its steel business from its bearings and power transmission business, creating two publicly traded companies.
Under the plan spelled out in a Friday morning conference call to investors, the new engineered steel company will spin-off into an independent publicly held company with estimated annual revenue of $1.7 billion. The bearings and power transmission, or B&PT business will continue to operate as The Timken Company with annual revenue of about $3.4 billion.
The Niles Timken Plant, which employs about 40 workers, will remain under Timken’s B&PT business.
For more on this story, read Saturday’s Tribune Chronicle.