Timken to Evaluate Separation of Steel Business
The Timken Company announced that its Board of Directors has formed a Strategy Committee to evaluate a potential separation of the company's steel business from its other businesses and to review the company's corporate governance and capital allocation strategy. The formation of the Committee is in response to the non-binding shareholder proposal that was recently approved at the company's 2013 Annual Meeting of Shareholders. The Committee consists of all independent and non-Timken-family Board members, with Joseph W. Ralston, the company's lead director, serving as its chairman. The Committee has retained Goldman, Sachs & Co. to assist in its evaluation. The company will continue implementing its current strategy as it conducts the evaluation.