Ohio bearing company to spin off steel business

CANTON, Ohio (AP) — An Ohio manufacturer says it is spinning its steel operations away from its bearings and power transmission businesses.

Canton-based Timken Co. announced Thursday it is splitting into the two independent, publicly traded companies.

Timken’s board of directors approved the plan, expected to be completed within 12 months.

“We see this initiative — to build out two strong, focused companies — as further evidence of our commitment to drive value for our shareholders and our customers,” James Griffith, Timken president and chief executive officer, said in a statement.

The Canton Repository reports the company’s bearings and power transmission business will continue to operate as Timken Co. with estimated annual revenue of $3.4 billion.