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June 30, 2014
17:35 EDTTKR, TMSTTimken completes spinoff of TimkenSteel Corporation
The Timken Company (TKR) announced that it has completed its spinoff of TimkenSteel Corporation (TMST), which begins trading as an independent public company tomorrow on the New York Stock Exchange under the symbol TMST. "The spinoff offers exceptional opportunity to drive value for both The Timken Company and TimkenSteel Corporation, their respective employees and shareholders," said Richard G. Kyle, president and chief executive officer of The Timken Company. "We offer congratulations to Tim Timken and the entire TimkenSteel team on their launch as an independent steel company, and wish them every success in advancing their leadership position as a special bar quality steelmaker. At the same time, we extend a special thanks to Timken associates for their hard work and commitment. After the spinoff, The Timken Company will continue to focus on its bearings business as well as power transmission products and related services, which include gearboxes, chain, lubrication systems, transmissions, and other related rebuild and maintenance services. "We are committed to creating value for our customers and our shareholders," said Kyle. "The separation is now behind us and we are focused on growing our business in targeted markets across the world."
News For TMST;TKR From The Last 14 Days
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January 29, 2015
07:30 EDTTKRTimken sees FY15 adjusted EPS $2.65-$2.75, consensus $3.11
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07:29 EDTTKRTimken reports Q4 Mobile Industries sales down 7% to $389.5M
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07:29 EDTTKRTimken views 2015 markets 'more cautiously; than 2014
New business wins combined with modest market growth are expected to result in approximately 4 percent organic growth, but that will largely be offset by the impact of currency.
07:28 EDTTKRTimken reports Q4 adjusted EPS 65c, consensus 61c
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January 28, 2015
17:23 EDTTKRTimken now operates under two segments
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