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Timken Files Registration Statement for TimkenSteel
CANTON, Ohio -- The newly formed subsidiary of the Timkin Co., TimkinSteel Corp., has filed an initial Form 10 Registration Statement with the U. S. Securities and Exchange Commission. The filing reflects the Timkon Co.’s previously announced plan to pursue a spinoff of its steel business into an independent publicly traded company.
TimkenSteel would hold the company's steel business. Upon completion of the spinoff, TimkenSteel would be the only focused special bar quality steelmaker in North America with, based on 2013 segment sales, annual revenues of approximately $1.4 billion.
"Filing the initial Form 10 is a significant milestone in the process of establishing TimkenSteel as a stand-alone publicly traded company," said James W. Griffith, president and CEO. "The Form 10 offers current shareholders and future investors a first look at TimkenSteel, its business model and markets.
"We remain excited about the future prospects for both Timken and TimkenSteel, which have the excellent talent, high-quality products and services, and strong market positions necessary for long-term growth and strategic success," Griffith continued. "The project to separate the steel business is moving along quite well and remains on track, and we expect TimkenSteel to be operating independently, with its shares trading on the New York Stock Exchange, later this summer."
The name of the spinoff company was chosen to reflect both the focus of the new independent steel business and Timken's century-plus history of delivering engineered products and services tailored to meet the toughest application needs, Griffith explained.
The spinoff is expected to be tax-free to shareholders, with TimkenSteel common shares listed on the New York Stock Exchange under the ticker symbol "TMST." The new company will be headquartered in Canton and have 3,000 employees operating in six countries.
Published by The Business Journal, Youngstown, Ohio.
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