On September 6, 2013, Timken announced that its board of directors had approved a plan to split the company's steel business from its bearings and power transmission business , creating two listed companies. According to this plan, the new special steel company will operate as an independent listed company with an estimated annual income of approximately US$1.7 billion. The Bearing and Power Transmission (B&PT) business will continue to operate as Timken, with an estimated annual revenue of approximately US$3.4 billion. The relevant changes are expected to be tax-exempt for shareholders and should be completed within 12 months. “The Timken company has a long history of success creating value for shareholders,†said company president and chief executive officer James Griffiths. “Over the past few years, we have diversified and expanded our market and product lines. , strategic and growth mergers and acquisitions, and the introduction of new capabilities in the world to complete the business transformation and create excellent financial performance.This step to build two powerful specializing companies further proves that we strive to create value for shareholders and customers Promise of." Griffiths pointed out that these two independent companies will continue to advance their unique growth strategies in their respective core markets and are expected to further increase their competitiveness. “Bearings and special steel operations are well-positioned in their respective markets, calmly respond to the economic cycle, and successfully implement the Timken business model,†Griffiths added. “We have talent and capability. Dedicated employees, we believe they will push the spin-off of these businesses to a higher level." Strategy Committee Assessment The board’s decision to split Timken into two companies was based on a comprehensive assessment by a strategy committee. The committee is established by the board of directors in the words of the shareholders and consists of independent directors. With the help of financial and strategic consultants, the strategy committee carefully evaluated the financial and operational impact of splitting the company's business and potential changes in corporate governance and capital allocation strategies. Chairman of the company’s board of directors Ward Tim Timken said: “The strategic committee's completion of the assessment process has convinced us that splitting the company’s business can create new opportunities for creating value. With our solid foundation for improving performance and all core businesses, Today’s decision is a 'next step' for creating new glories and we are confident that these two successful businesses will maintain the market-leading results achieved over the past few years.†The board also recognizes the shared benefits between the two businesses and will work to maintain these benefits through mutually beneficial business relationships between two independent companies. The company’s leadership will also work hard to minimize the impact of the increase in independent costs brought about by the spin-off, while taking full advantage of the opportunities created by the separate operations. Will be at the helm of senior executives of both companies Griffith, 59, will continue to serve as Timken’s President and Chief Executive Officer before the spin-off is completed and plans to retire after serving the company for 30 years. The board of directors intends to appoint 47-year-old Richard G. Kyle as Timken’s new president and chief executive officer to replace Griffith. Prior to this appointment, Kyle will be the chief operating officer of the bearing and power transmission business. Kyle joined the company in 2006 and has extensive industry experience. He has held several executive positions at Timken, including vice president of manufacturing, president of the aerospace and automotive equipment industry, and most recently group president. The board also plans to appoint Ward (Tim) Timken, 46, as chairman and chief executive officer of the new special steel company. Timken began his career at the company in 1992 as a senior analyst in the steel business. In 2004, he was appointed president of the steel business and was elected chairman of the company's board of directors in 2005. Prior to the completion of the spin-off, Timken will continue to serve as chairman of Timken’s board of directors and will be responsible for the steel business. After the spin-off, a new Timken non-executive board chairman will be appointed. “We have a clear and realistic succession plan for some time,†said the independent director of the company, Mr. Joseph Ralston, in announcing the leader. “Richard Kyle and Tim Timken are rich. Experience and excellent ability to steer the two companies. The board of directors unanimously supports these two leaders and is confident that they will maintain the momentum of the company's development and maximize the value of its employees, investors and customers." After the spin-off, the board of directors plans to appoint John Timken, 62, as the non-executive chairman of Timken. In this role, he will lead the directors to perform their duties and supervise the board of directors. John Timken has served as a director of Timken since 1986. "John Timken participated in some of the major changes in Timken's history, including acquisitions, business spin-offs and significant business expansion," said Ralston. "He has a deep understanding of the company for the future Timken. The company's directors will be very valuable." Later on, Timken and the newly independent special steel company will announce their respective new director appointments, which are expected to include both current board members and new directors from Timken. About Timken The Timken Company (NYSE: TKR), a world leader in industrial technology, uses sophisticated knowledge in materials, friction management and power transmission to help improve the operational efficiency and reliability of machinery and equipment around the world. Timken develops, manufactures, and markets mechanical components and high-performance steels. The company offers Timken bearings, custom steel rods and steel tubes, transmissions, gearboxes, chains and related products and services to support a globally diverse market. In 2012, the company had global sales of 5 billion U.S. dollars, operating agencies in 30 countries and about 20,000 employees. Timken promotes industrial operations and makes the world more productive. The Timken Asia Pacific headquarters and Greater China headquarters are located in Shanghai and serve a wide range of industries including energy, aviation, railways, metallurgy, mining, cement and machine tools. In Greater China, the company employs nearly 4,000 employees, has offices at all levels in 15 major cities, and has established six large-scale manufacturing bases, a technical training center and a number of logistics, engineering and value-added industrial service centers. . Timken is committed to creating sustainable value and actively participates in community building and sustainable development to create a better world. Elastic Rope,Elastic Cord,Bungee Weisike Sealing Co., Ltd. , http://www.wzgasket.com