On Monday, Canton, Ohio-based The Timken Company announced that it filed an updated investor presentation with the Securities and Exchange Commission highlighting the flaws in the analysis behind the shareholder proposal from The California State Teachers' Retirement System (CalSTRS) and Relational Investors and emphasizing why Timken believes its comprehensive strategic plan offers the best path to creating shareholder value. Timken also announced the launch of a website, www.TimkenDrivesValue.com, which contains important information for shareholders regarding its board's recommendation to vote against the proposal to spinoff the Steel business.
In a statement, the company said, "The materials released today are critical to aid Timken shareholders in developing a clear understanding of the flaws in the proposal from CalSTRS and Relational Investors as well as the tremendous value we believe is created by our integrated business model. We urge shareholders not to be misled by CalSTRS and Relational Investors and support the Timken strategy to deliver long-term value for shareholders by voting against the proposal."