Timken Shareholders Support Proposal to Spin Off Steel Business
05/07/2013 - Timken shareholders voted to support the non-binding shareholder proposal to spin off the company's Steel business with approximately 47% of the outstanding shares voted for the proposal and 41% of the outstanding shares voted against the proposal.
The Timken Company held its 109th annual meeting of shareholders in Canton, Ohio. At the meeting, shareholders re-elected all 12 members of the board of directors to new one-year terms. Shareholders also supported the non-binding shareholder proposal to spin off the company's Steel business with approximately 47% of the outstanding shares voted for the proposal and 41% of the outstanding shares voted against the proposal. Of the shares voted, approximately 53% were in favor with 47% against.
"The Timken board of directors takes its fiduciary responsibilities seriously and remains committed to driving shareholder value," said Ward J. "Tim" Timken, Jr., chairman of the board. "We appreciate the thoughtful feedback we've received from our shareholders on the spin-off proposal as well as their broader input on corporate governance and capital allocation. The board will carefully evaluate the views of our shareholders and announce next steps within 45 days."
In other business conducted at the meeting, shareholders:
• Ratified the selection of Ernst & Young LLP as the independent auditor for the year ending 31 December 2013;
• Approved on an advisory basis the compensation for named executive officers; and
• Approved amendments to the Articles and Regulations reducing certain voting requirements on certain business matters.
The Timken Company, 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 US$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.
