Breaking up is hard to do, but Timken will take a look anyway.
We have followed the saga of Relational Investors’ and CalSTRS’ attempt to get Timken Co. to separate its steel and ball bearing businesses.
There are now reports that Timken hired Goldman Sachs to study the spin off option after stockholders approved a resolution recommending that the company engage an investment banking firm to effectuate a spin-off.
According to reports, the independent and non-Timken family board members will serve on a strategy review family.
Since we began tracking this story in mid-December 2012, Timken stock price has climbed over 26%, as noted in our Opps Tracker.