Timken family plans to stay involved with community
Resource from: Canton Repository Likes:156
Dec 30,2013
Much will change with Timken Co. during the coming year, but one constant — the Timken family's involvement in the community — is expected to continue.
Since bringing the tapered roller bearing company here in 1901, Timken family members have immersed themselves in the area. They helped establish the Canton Regional Chamber of Commerce and played key roles in developing the Cultural Center for the Arts. The Timken Foundation has funded dozens of programs and projects.
The community involvement is a way to reinvest in the place that has helped the family's business thrive, Ward J. "Tim" Timken Jr. said. Giving back to the community is a core value and something the company does around the world.
"That shouldn't change going forward," Tim Timken said.
Those are words that area leaders and organizations are happy to hear. The words are backed by the actions of family members.
The Timken family's "very unassuming manner in leadership and philanthropy" has supported education, arts, economic development and other programs around Stark County, said Dennis P. Saunier, president and chief executive officer at the Canton Regional Chamber of Commerce.
Civic leaders are confident the support will continue as Timken Co. spins off its steel operations as a separate business. Plans are on track to complete the process — and create two companies — by the end of June.
CHANGES COMING
Henry Timken created his tapered roller bearing business in 1899, and two years later his sons — W.R. and H.H. Timken — brought it to Canton. In 1915, as World War I raged, the Timkens decided to start a steel business in order to ensure the company had the supply needed to make bearings.
The combined operations thrived and Timken earned a reputation as a world leader in bearings and alloy steel production.
But after shareholders pushed for spinning off the steel business earlier this year, company directors reviewed the idea and in September approved moving forward with the split.
Tim Timken, the fifth generation to lead the company, will become president and chief executive officer of the steel company.
John M. Timken Jr., a fourth generation family member, will be non-executive chairman of a smaller Timken Co. that will focus on bearings and power generation.
MAINTAINING THE FAMILY CONNECTION
Sometimes major changes at a corporation can cause disruption within the community.
Initial moves in the spinoff process are designed to avoid disruptions, Tim Timken said. He expects the Timken family — because it is the longest-serving and among the largest shareholders — to maintain ownership and involvement with the new steel company.
And a Timken family member will be at the helm of both companies.
Tim Timken said he is moving to steel because that is where he started with the company. He urged that his cousin John Timken be appointed as a non-executive chairman to ensure a family presence at both companies. John Timken knows the company well, Tim Timken said, because during John's years on the board he has been part of major changes, including several acquisitions that broadened the company's product lines.
(Canton Repository)
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