Timken Company Announces Expected Spinoff of its Steel Business
February 17, 2014
The Timken Co. announced that TimkenSteel Corp., its newly formed subsidiary which will hold the company's steel business, has filed an initial Form 10 Registration Statement with the U. S. Securities and Exchange Commission.
The filing relates to the previously announced plan to pursue a spinoff of The Timken Company's steel business into an independent publicly traded company.
Timken expects the spinoff to be tax-free to shareholders, with TimkenSteel common shares listed on the New York Stock Exchange under the ticker symbol "TMST."
Completion of the transaction requires further work on structure, management, governance and other matters, and is subject to customary conditions and final approval of The Timken Company's board of directors.