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Timken Moving Forward with Spinoff of Steel Segment, TimkenSteel
02/12/2014 - The Timken Company announced that TimkenSteel Corporation, 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 (SEC).
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. Upon completion of the spinoff, TimkenSteel will be North America's only focused special bar quality (SBQ) steelmaker, with annual revenues of approximately US$1.4 billion based on 2013 segment sales.
"Filing the initial Form 10 is a significant milestone in the process of establishing TimkenSteel as a stand-alone publicly traded company," said James W. Griffith, president and chief executive officer. "The Form 10 offers current shareholders and future investors a first look at TimkenSteel, its business model and markets.
"We remain excited about the future prospects for both Timken and TimkenSteel, which have the excellent talent, high-quality products and services, and strong market positions necessary for long-term growth and strategic success," Griffith said. "The project to separate the steel business is moving along quite well and remains on track, and we expect TimkenSteel to be operating independently, with its shares trading on the New York Stock Exchange, later this summer.
"As to the new name, we chose 'TimkenSteel Corporation' to reflect both the focus of the new independent steel business and our century-plus legacy of delivering Timken engineered products and services tailored to meet the toughest application needs," he added.
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.
Upon completion of the planned spinoff from Timken, TimkenSteel Corporation will be North America's only focused special bar quality steelmaker, with a business model that provides tailored products and services for customers' most demanding applications. TimkenSteel will be headquartered in Canton, Ohio, with 3,000 people operating from six countries.
"Filing the initial Form 10 is a significant milestone in the process of establishing TimkenSteel as a stand-alone publicly traded company," said James W. Griffith, president and chief executive officer. "The Form 10 offers current shareholders and future investors a first look at TimkenSteel, its business model and markets.
"We remain excited about the future prospects for both Timken and TimkenSteel, which have the excellent talent, high-quality products and services, and strong market positions necessary for long-term growth and strategic success," Griffith said. "The project to separate the steel business is moving along quite well and remains on track, and we expect TimkenSteel to be operating independently, with its shares trading on the New York Stock Exchange, later this summer.
"As to the new name, we chose 'TimkenSteel Corporation' to reflect both the focus of the new independent steel business and our century-plus legacy of delivering Timken engineered products and services tailored to meet the toughest application needs," he added.
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.
Upon completion of the planned spinoff from Timken, TimkenSteel Corporation will be North America's only focused special bar quality steelmaker, with a business model that provides tailored products and services for customers' most demanding applications. TimkenSteel will be headquartered in Canton, Ohio, with 3,000 people operating from six countries.
