Timken (TKR) has officially spun off TimkenSteel, which will begin trading today on the NYSE under ticker (TMST). Timken shareholders will receive one share of TimkenSteel common stock for every two shares of Timken stock.
TimkenSteel expects a 20-25% revenue increase for full-year 2014, compared with Timken's steel segment's 2013 revenue. The spinoff also predicts a target dividend payout ratio of 20-30%, and an initial quarterly dividend of $0.13 to $0.15 per share.
TKR -4.4% premarket