Investment firm Relational Investors LLC and a large public pension fund expect to meet with representatives of Timken Co on Tuesday, a source close to the matter said, despite the diversified manufacturer's reluctance to split its businesses.Earlier Monday, Canton, Ohio-based Timken Co reiterated that it will not split its steel and bearings businesses despite pressure from its top shareholder, and said the investor's analysis of benefits from a break-up had serious flaws.Activist fund Relational Investors LLC and California State Teachers' Retirement System jointly reported a 6.15 percent stake in Timken in November and said Timken should split into two publicly traded companies.As of March 21, the investors own a combined 7.28 percent of the company.
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 622254.
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