The Timken Company disclosed that TimkenSteel Corporation, its newly formed subsidiary which will hold the company’s steel business, has filed an initial Form 10 Registration Statement with the U. S. Securities and Exchange Commission.
The filing relates to the previously announced plan to pursue a spinoff of The Timken Company’s steel business into an independent publicly traded company. Upon completion of the spinoff, TimkenSteel will be North America’s only focused special bar quality steelmaker, with annual revenues of approximately $1.4 billion based on 2013 segment sales.
“Filing the initial Form 10 is a significant milestone in the process of establishing TimkenSteel as a stand-alone publicly traded company,” said James W. Griffith, president and chief executive officer. “The Form 10 offers current shareholders and future investors a first look at TimkenSteel, its business model and markets.
Timken expects the spinoff to be tax-free to shareholders, with TimkenSteel common shares listed on the New York Stock Exchange under the ticker symbol TMST.
Completion of the transaction requires further work on structure, management, governance and other matters, and is subject to customary conditions and final approval of The Timken Company’s board of directors.
Published in the April 2014 Edition of American Recycler News