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

Northeast Ohio Medical University

NOCHE


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 to appeal ruling keeping Akron's red light cameras in place
I don't understand what all the fuss is about. If you don't like tickets drive the speed limit and stop at red lights. It's really all up to you.

Letters from a lost friend: A Beachwood survivor's Holocaust remembrance
What a great story -- and how important it was for both Marlene and her mother to tell it! Thank you.

Akron city council to vote on resolution for hiring ex-offenders
Great as a taxpayer I paid for the police to catch them, the free lawyer, the jail to house them , the food their kids eat the medical for them and all its goin...

5 of 8 rule headed for a vote
this is just another way for kasich to pass the buck and claim that it gives the local districts control. Few schools have enough money because of his cuts. T...

Bill would allow Ohio religious leaders to refuse to do gay marriages
This is just a lot of political posturing. The free exercise clause of the 1st Amendment already protects clergy from being forced by civil authorities to perfo...

Ohio lawmakers want to eliminate background checks, training to carry guns
On the face of this report I don't find the name of the bill or who sponsered it. I will have to google a general bill with this as its content to address it. N...

Ohio lawmaker calls for an investigation into a Dayton women's prison
I was an inmate at DCI and I am so happy that it's being investigated. The staff behavior there is awful unless he/she is your lover. There are more drugs insid...

Ohio's disabled face long waiting list for services
Can we use the Tribble on Disability Care? if so can you send the link to http://voice4thevoiceless.us thank you, Mark J Cleland Sr voice4thevoiceless.us

Treasures rescued from Cleveland's closed Catholic churches
This was found to be a real gift today Good Friday Bless you for your work

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