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.

Lehmans

Metro RTA

Hennes Paynter Communications


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

Ohio becomes first in the nation to dump PARCC testing
Best test to use for elementary schools is the old pre common core Iowa test of basic skills. This test measures apples to apples and tests the skills appropri...

Ohio is moving forward with new standardized tests
Mr Chow, Nice piece on testing. Should not Ohio go to an open bid process for the new assessment contract? Ohio has stayed with a "connected" DC non-profit fo...

The Surpreme Court gay-marriage decision plays out in Ohio Amish country
Keep in mind that the majority of the people residing in Holmes County are Amish, a church people who do not vote because they do not believe in governmental ru...

Akron council committee recommends Forney for its opening
Which committee member voted for Wilhite?

Nearly a dozen Cuyahoga gay couples get licenses to marry after the Supreme Court ruling
Presiding Judge Anthony J. Russo a graduate of Chanel High School and supposed member of St. Francis Parish in Gates Mills has just excommunicated himself. As ...

Canton Youth Symphony is named orchestra of the year
This is what makes CSO the hippest small town orchestra in America!

What can be expected if Ohio's tobacco taxes increase?
let's face it! The increase has little to do with smoking cessation

Rare Cleveland Indians photo from 1911 hits the auction block
Paddy Livingston, who cut his teeth on a Louisville Slugger in Kent, Ohio was one of the immortals that played in that game. He was the catcher. Ty Cobb actuall...

Nexus denies Green's request to relocate its planned gas pipeline
These people have so much power. Too much. They could care less about the people they leave when it is done. Spectra does not, and admits, they do not do the...

Copyright © 2015 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