BOSTON Feb 28 Activist investment firm
Relational Investors LLC on Thursday repeated its call for U.S.
industrial conglomerate maker Timken Co to consider
breaking itself into two companies focused on steel and
"There is currently a deep under-valuation of Timken's
shares due to the Company's ill-conceived conglomerate
structure, particularly as compared to its peers," Relational
said in a joint statement with the California State Teachers'
Together, Relational and CalSTRS own 7.3 percent of Timken.
Relational, run by Ralph Whitworth, has been calling on
Timken to consider a split since November, a call that Timken
management has resisted.
Timken shares were down 14 cents at $54.49 in midday trading
on the New York Stock Exchange.
A Timken spokeswoman did not immediately respond to a
request for comment.
On Monday, Relational unveiled an 8.8 percent stake in
diversified U.S. manufacturer SPX Corp and urged that
company to consider "strategic alternatives" and to pull back
from pursuing major acquisitions unless they provide a better
return to shareholders.