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June 30, 2014
17:35 EDTTMST, TKRTimken 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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August 11, 2014
16:24 EDTTMSTTimkenSteel to increase prices on special bar quality, temper bar products
TimkenSteel announced it will increase base prices on special bar quality products by $40 per ton and on quench and temper bar products above 9.0" by $60 per ton. These price increases are effective with shipments beginning on September 1, and apply only to non-contract pricing. Raw material surcharges remain in effect.
August 7, 2014
17:30 EDTTKRRelational Investors lowers stake in Timken to 5.41% from 6.99%
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August 6, 2014
17:04 EDTTMSTTimkenSteel declares initial 14c quarterly dividend, authorizes 3M share buyback
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