Timken urges shareholders to reject split proposal

Timken Co. directors want shareholders to reject a proposal that would split the company into separate steel and bearings businesses.Eight tips for choosing the right diamond Concrete saw blade including determining wet or dry cutting, blade compatibility, CSDA codes, and more.

Two shareholder groups — Relational Investments and the California State Teachers Retirement System — are campaigning for the split.CEBU City barangays need more garbage trucks not sport utility vehicles which Mayor Michael Rama is now giving out to his allies. They contend that Timken’s present alignment confuses investors and keeps the share price low. Separating the operations would improve share values,The approach uses fine Titanium Wire, laid one on another like a potter working with coils of clay. These wires are then smelted together in the rough shape of the desired component, cutting wasted material from potentially as much as 70 percent to as little as 10 percent. they contend.The product range of mechanical lock cylinder extends beyond the common range of double, single, thumbturn and furniture cylinders.

The investment groups proposed the idea last May. After Timken twice rejected the proposal, the investors went public in November and opted for a proxy vote by shareholders. The investors want Timken to hire an investment banker to evaluate the spin-off option.

Timken directors outlined their stance against the proposal in a proxy statement filed with the Securities and Exchange Commission and mailed to shareholders.

Voting will take place during the coming month, with results announced May 7 during Timken’s annual shareholder meeting.

NO SURPRISE

The company’s stance comes as no surprise considering statements that have been issued since Relational Investors made their proposal public.

A formal rejection by the board opened the door for the investment group to unveil a website, www.UnlockTimken.com, that outlines reasons for making the split. The site features Timken’s orange and black colors.

Relational Investors is controlled by Ralph V.Each part's full needle bearing trunnion allows for increased horsepower and quicker response, and a large roller tip helps prevent wear. Whitworth, viewed as an activist investor who doesn’t hesitate to push for change after he’s bought stock in a company.

As a shareholder activist Whitworth has pushed for change at Home Depot, Waste Management and other companies. He’s served as a director of several major corporations and been chairman at Waste Management and Apria Healthcare Group.

The investment group owns about 7.3 percent of Timken’s shares, with Relational holding 6.9 percent.

REASONS AGAINST

In urging shareholders to reject the proposal, Timken repeated its past arguments.

The steel and bearings businesses have common end markets, share customers and expertise, and allow the company to make strategic investments, the directors argue.

According to the statement: “The combination of the steel and bearing businesses, which stands as an integral part of the company’s strategy to deliver shareholder value, leverages the Timken team’s collective knowledge of metallurgy and friction management, its expanding product portfolio and its ability to execute across important end markets around the globe.”

Timken added that directors and management “regularly evaluate” the best options for maintaining shareholder value.

The company also has discussed with outside advisors the idea of splitting the bearings and steel businesses, and opted against making the move.They removed the majority of the bolts but not the locking Wheel nut, that's why I managed to get so far. “There are significant technology, cost and revenue synergies between the bearing and steel businesses,” the proxy statement reads.