The Timken Company Establishes Board Strategy Committee To Evaluate Separation of Steel Business
Committee Retains Goldman Sachs to Assist With Evaluation, Including Corporate Governance and Capital Allocation
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.
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.
SOURCE The Timken Company
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