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  "documentTitle": "The Timken Company (TKR)",
  "authorId": "17_Relational_Investors",
  "authorName": "CalSTRS",
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  "presentationDate": "2013-03-01 00:00:00",
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      "text": "Shareholders should support CalSTRS' proposal asking the Board to effectuate a separation of the Steel business",
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      "text": "Timken's high quality assets cannot realize their full potential in Timken's conglomerate structure\nSeparating Timken's Bearings and Steel businesses will allow the market to value the independent, pure-play businesses at multiples similar to peers'\nTimken's arguments against separating the businesses are not credible\nThe Timken family's influence over the Board impairs the company's willingness and ability to make decisions in the best interests of all shareholders\nTimken's conglomerate structure has failed to deliver benefits in key areas of shareholder value recognition, optimal capital allocation, and maximizing operational performance of its businesses\nInstead, conglomerate structure has created persistent conglomerate discount and undervaluation of Bearings assets and enabled a capital allocation strategy that has wasted shareholder capital and impaired value\nShareholders should support CalSTRS' proposal asking the Board to effectuate a separation of the Steel business",
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      "text": "Conclusion",
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