Investment firm Relational Investors LLC and a large public pension fund expect to meet with representatives of Timken Co on Tuesday to press the diversified manufacturer to split its businesses, a source close to the matter said. Activist fund Relational Investors and California State Teachers' Retirement System jointly reported a 6.15 percent stake in Timken in November and said Timken should spin off its steel business and hire investment bankers to evaluate their proposal.
The Timken Company (Timken) develops, manufactures, markets and sells products for friction management and mechanical power transmission, alloy steels and steel components. Shares of TKR fell by 1.57% or $-0.89/share to $55.69. In the past year, the shares have traded as low as $32.59 and as high as $58.50. On average, 787726 shares of TKR exchange hands on a given day and today's volume is recorded at 564414.
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