Timken to use tech center as headquarters
Resource from: The Massillon Independent Likes:185
Dec 20,2013
--Timken's technology center in Jackson Township will become corporate headquarters, while the steel business will remain in Canton offices.
Timken Co. plans to establish corporate offices in Jackson Township, while headquarters for the new steel business will remain in buildings on Dueber Avenue SW.
Using the global technology center, which has been undergoing a major expansion, as Timken Co. headquarters is a move that makes sense, Chairman Ward J. "Tim" Timken Jr. said Tuesday.
Employees and some government officials were aware of the change, but no public announcement had been made.
The move is part of a separation plan that is on course to be completed by the end of June. The company has finished 25 percent to 30 percent of the work that is part of efforts to spin off the steel business as a separate company, Timken said.
Company directors announced in September plans to spin off the steel business. The move followed recommendations from shareholders who believed separating the bearing and steel businesses would improve Timken's stock value.
TWO HEADQUARTERS
With the change, Stark County will become home to a pair of billion-dollar corporations.
Timken will focus on bearings and power transmission, with projected annual revenue of $3.4 billion. The still-unnamed steel business will have projected sales of $1.7 billion.
The separation process is complicated, but has moved forward "extraordinarily well," said Tim Timken, who is designated to become the steel company's chairman and chief executive officer.
Timken is working with outside advisers to sort through changes needed before the separation is complete. The initial analysis found 560 entanglements that must be addressed, and roughly 10,000 tasks are needed to address the changes, Tim Timken said.
Board member John M. Timken Jr., designated to be the nonexecutive chairman at Timken Co., noted that a company filled with engineers is prepared to tackle all of those tasks.
"The outside advisers said they never met a company so well prepared before the start of a separation," John Timken said.
MUCH WORK LEFT
The idea of spinning off the steel business has been reviewed several times during the past 10 years, but was rejected by board members. Directors opposed the proposal in 2012, but after shareholders endorsed the idea the board conducted another review and opted to move forward with a split.
Much of the work left involves sorting through paperwork required by the Securities and Exchange Commission before stock can be issued for the steel company. Also being resolved are a name for the steel business, as well as branding, logos and other issues.
The steel company consists of three mills — Faircrest, Harrison and Gambrinus. The Dueber Avenue SW offices are next to the Harrison mill, making that facility a logical home for the steel headquarters.
Timken began a $42 million expansion project at its technical center on Mt. Pleasant Street NW in 2012. The company planned to move 500 bearings and power transmission employees there from leased buildings in Canton. Now the building will accommodate corporate staff.
(The Massillon Independent)
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