News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Metro RTA

Akron BioInnovation


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business


Is Timken's future as one company or two?
Shareholders will take up the question at the annual meeting tomorrow of the iconic company
by WKSU's M.L. SCHULTZE


Web Editor
M.L. Schultze
 
Timken has occupied a significant part of Canton's industrial heart since it moved here from Cincinnati in 1901.
Download (WKSU Only)
In The Region:

Shareholders of the Timken Company will vote tomorrow on whether to force the split of one of Northeast Ohio’s oldest companies. WKSU’s M.L. Schultze has more on the argument that started with a group of institutional investors in California.

SCHULTZE: The battle over Timken's future

Other options:
Windows Media / MP3 Download (1:36)


SCHULTZE: An analyst's read

Other options:
Windows Media / MP3 Download (1:03)


Investors led by the second largest public pension fund in the country say Timken’s steel and bearing businesses are no longer compatible, and that steel should be spun off.

The California State Teachers Retirement System and a group called Relational Investors own more than 7 percent of Timken’s stock. Ann Sheehan, head of corporate guidance for what’s referred to as CalSTRS, says the split would boost the price of that stock and create two strong companies instead of one.

“They’re still going to have the same orders from their customers, including the bearings business; they will still have the operations. So there’s nothing in the separation that trickles down to the operation of the plants and of the businesses themselves. “

Among those disagreeing with Sheehan are the Timken Co. management and family, and the United Steelworkers, which has about 2,200 members working in Timken’s steel and bearings mills in Stark County. The international union has concerns about pensions and employment. But sub-district Director Dennis Brommer says there’s more.

“It’s not only about our members. It’s about this company, its future survival. And that’s what’s important to us. Everyone has their own opinion about this. Our opinion happens to be this would not be good for either our members or the Timken Co.”

Three firms that advise shareholders have weighed in on the proposal, two in favor of the split and one opposed.

Even if it loses the vote, the teachers’ pension fund and its allies is expected to nominate a slate of officers to the Timken board that would be more friendly to a split.

Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Farm-to-School: Cafeteria lunch is fresh and local at Tallmadge High School
Great job Tallmadge City Schools! So glad to have a progressive business manager and superintendant!

World premiere at Cleveland Institute of Music is fanfare for a new theme
J'ai une grande admiration pour Daniil Trifonov que j'ai vu en concert deux fois à Paris je ne lui trouve pas d'égal c'est un ange tombe du ciel

Kent's journalism school faculty protest presidential search secrecy
There really was too much secrecy behind the selection process. Hopefully the letter by the faculty members will convince the board to provide more information ...

Belgian cargo ship creates new export route between Antwerp and NEO
The vessel is registered in Amsterdam, The Netherlands. Not in Belgium ;)

Exploradio: Tracking Ohio's champion trees
Absolutely loved this story. We lost 3 of our larger ash trees last year due to EAB. Big, beautiful trees are something to be treasured, and many times they tru...

Ohio's rules on fracking and earthquakes are a first
I'm right in the middle of the issue. Like oil independence, but hope there is pre- and current-drilling assurance re dangers from pollution, earthquakes and th...

Bridgestone exec indictments are latest step in a billion-dollar price-fixing case
Why is O.P.E.C Not investigated and charges brought against it and it's member companies? It sounds exactly the same...

Ohio's new drilling rules rely on known earthquake faults
requiring drillers to place seismic monitors when they drill within 3 miles of known fault lines. This comment really upsets me!! What good does an instrument t...

Kasich's gubernatorial ad focuses on his blue-collar roots
John Kasich is the biggest con-man in America. He will say one thing and then do the opposite. He is terribly successful at fooling the public and he is worki...

Cab drivers who refuse to drive Gay Games taxis will be replaced
the irony is that most americans distrust or hate muslims much more than they hate gays!! silly ignorant bigots-GO HOME!!!

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University