Timken to spin off steel business
Sept 5 (Reuters) - Timken Co said its board approved a plan to spin off the company's steel business from its bearings and power transmission business.
Timken shareholders in May backed an activist investor's proposal to split the company.
The transaction is expected to be tax-free to shareholders and should be completed within 12 months, the company said on Thursday.
Timken shares rose 6.2 percent in after-market trading.
(Reporting by Rohit T. K. in Bangalore; Editing by Sriraj Kalluvila)
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