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CANTON, Ohio, April 2, 2013 /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com) today announced that it sent a letter urging shareholders to support the company's proven strategy of creating shareholder value and to vote AGAINST Item No. 6 of its proxy statement, the shareholder proposal to spin-off the Steel business. Timken also announced that members of its board and management team met with The California State Teachers' Retirement System (CalSTRS) and Relational Investors today to discuss the flaws in the analysis behind the proposal and articulate the reasons why Timken believes its comprehensive strategic plan is the best path to create long-term value for shareholders.
"As we have in the past, we outlined for CalSTRS and Relational Investors the benefits of our integrated platform and comprehensive strategic plan to drive value for shareholders as well as the flaws in the analysis of a spin-off of our Steel business," said James W. Griffith, Timken president and chief executive officer. "It is clear to us that our proven business model and strategy to create shareholder value represent the best path forward for all Timken shareholders."
Included below is the full text of the letter to Timken shareholders, which can also be found at www.TimkenDrivesValue.com:
April 2, 2013
Dear Fellow Timken Shareholder:
SUPPORT THE TIMKEN COMPANY'S PROVEN STRATEGY TO CREATE SHAREHOLDER VALUE
DO NOT BE MISLED BY THE MISGUIDED SHAREHOLDER PROPOSAL ADVOCATING A CHANGE IN COURSE
VOTE AGAINST THE SHAREHOLDER PROPOSAL TO SPIN-OFF THE STEEL BUSINESS
Your Board and management team are successfully executing a carefully considered plan to deliver long-term value to Timken shareholders. Over the last several years, we have transformed Timken into a global industrial technology leader with products designed to improve the efficiency and reliability of the machinery that keeps industry in motion. Our product portfolio features mechanical components and engineered steel products used in some of the world's most demanding applications.
The success of this effort leverages strengths across The Timken Company's businesses, including shared research and technical expertise and supply chain and operating efficiencies between our Steel business and our Bearing and Power Transmission (B&PT) business, to deliver solutions across common end markets and customers. A separation of Timken Steel from the rest of the enterprise would compromise the Company's competitive advantage and our ability to leverage these benefits to deliver higher financial returns.
The shareholder proposal by The California State Teachers' Retirement System (CalSTRS) and Relational Investors that you are being asked to vote on would derail our strategy and deprive shareholders of the opportunity for long-term value
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| 6818Z NACHI | 90 | 115 | 13 |
| 6317Z NACHI | 85 | 180 | 41 |