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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": "Valuation discount versus peers is significant, reflecting the market's clear preference for pure-play bearings or steel alternatives",
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      "text": "Social impact of separation are insignificant. Timken name survives on both companies. Timken family ownership/Board representation continues at both companies. Separation supports continued compensation of Chairman at Specialty Steel company. Both company headquarters can remain in Canton. Pension will be fully funded by the end of 2013. We do not intend or advocate any change in employment levels at Timken's steel or bearings operations.",
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      "text": "Soft synergies, including joint research and selling, can be retained and are negligible when compared to the market discount",
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      "text": "Valuation discount versus peers is significant, reflecting the market's clear preference for pure-play bearings or steel alternatives. Performing through a cycle, as the company suggests, will not correct this discount.",
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      "text": "As stated by CFO Glenn Eisenberg, 1/24/13",
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      "text": "Separation is a Sound Business Strategy",
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