Ohio bearing company to spin off steel business

CANTON, Ohio (AP) — An Ohio manufacturer says it is spinning its steel operations away from its bearings and power transmission businesses.

Canton-based Timken Co. announced Thursday it was splitting into the two independent, publicly traded companies.

The Canton Repository reports (http://bit.ly/17DwuEi ) the company’s bearings and power transmission business will continue to operate as Timken Co. with estimated annual revenue of $3.4 billion.

The paper says the new engineered steel company will operate as an independent publicly-held company with estimated annual revenue of $1.7 billion.

Current Timken chairman Ward J. Timken Jr. will become chairman and chief executive officer of the new steel business.

Shareholders supported the split in a non-binding vote at the company’s annual meeting earlier this year.

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Information from: The Repository, http://www.cantonrep.com

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