The Timken Co. Encourages Shareholders to Reject Proposal to Spin-Off Its Steel Business
04/02/2013 - The Timken Company sent a letter urging its shareholders to support the company's proven strategy of creating shareholder value and to vote against Item No. 6 of its proxy statement, the shareholder proposal to spin-off the Steel business.
The Timken Company sent a letter urging its shareholders to support the company's proven strategy of creating shareholder value and to vote against Item No. 6 of its proxy statement, the shareholder proposal to spin-off the Steel business. Timken also announced that members of its board and management team met with The California State Teachers' Retirement System (CalSTRS) and Relational Investors today to discuss the flaws in the analysis behind the proposal and articulate the reasons why Timken believes its comprehensive strategic plan is the best path to create long-term value for shareholders.
"As we have in the past, we outlined for CalSTRS and Relational Investors the benefits of our integrated platform and comprehensive strategic plan to drive value for shareholders as well as the flaws in the analysis of a spin-off of our Steel business," said James W. Griffith, Timken president and chief executive officer. "It is clear to us that our proven business model and strategy to create shareholder value represent the best path forward for all Timken shareholders."
The full text of the letter to Timken shareholders can be found at www.TimkenDrivesValue.com.
