The Timken Company Announces Plan to Separate Its Businesses into Two Independent Publicly Traded Companies – The Timken Company announced that its board of directors has approved a plan to pursue a separation of the company’s steel business from its bearings and power transmission business through a spinoff creating two publicly traded companies. Under this plan, the new engineered steel company will operate as an independent, publicly held company with estimated annual revenue of approximately $1.7 billion. The bearings and power transmission business will continue to operate as The Timken Company with estimated annual revenue of approximately $3.4 billion. The transaction is expected to be tax free to shareholders and should be completed within 12 months. James W. Griffith, president and CEO, said, “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.” Ward J. “Tim” Timken Jr., board chairman, had the following to say: “Today’s decision is the appropriate next step to build on the momentum created by our improvement in the performance and underlying fundamentals of each of our core businesses. These are two winning businesses, and we are confident that both can sustain the market-leading performance they have achieved over the past few years.” Griffith, 59, will continue as president and chief executive officer of the The Timken Company until the separation is complete, at which time he plans to retire after 30 years of service. The board plans to name Richard G. Kyle, 47, as The Timken Company’s new president and chief executive officer, succeeding Griffith. The board also plans to name Ward J. “Tim” Timken Jr., 46, to lead the new engineered steel company as its chairman and chief executive officer. To learn more details about the separation of the two businesses, click on this Timken press release.

Peoples Services Expands with New Acquisition – People Services, located in Canton, Ohio, has acquired Michigan-based Central Warehouse Operations in a $15 million deal that expands the local logistics company’s reach to a sixth state. With the purchase, Peoples Services picks up warehouses in Michigan—Saginaw and Midland—and another near Dayton. The additional 650,000 square feet of storage will give Peoples Services more than 5 million square feet of warehousing across 20 facilities. The deal, announced on Sept. 3, allows Peoples Services to extend its reach and customer base in a way that fits within its existing network, said president & CEO Doug Sibila. Central Warehouse, founded in 1910, will continue to do business under that name as a wholly-owned subsidiary of Peoples Services. Stark Development Board Finance Corporation and Huntington Bank assisted with financing. The acquisition follows Peoples Services’ purchase of Akron-based Terminal Warehouse in 2011. Sibila said that successful move set the stage for this latest expansion. To learn more about Peoples Services and the location of its facilities, click on this Canton Repository article.

Canton and Stark County Continue to Lead State and Nation in Associate Degree Attainment – Though new U.S. Census figures show Associate Degree attainment has grown less than a percentage point in Ohio and the nation over the last five years, rapid growth in Canton and Stark continues to place the city and county in a commanding lead in a category that is growing in importance. According to the Georgetown University’s Center on Education and the Workforce, while 36% of the 46.9 million new and replacement jobs needed by 2018 will require a Bachelor’s Degree, another 30% will require some college or Associate Degree. In four years time, Canton has increased associate degree individuals by 3.6%, and Stark County has increased associate degree individuals by 2.3%. To learn more about the attainment numbers, click on this Stark Education Partnership newsletter.

Study Predicts Manufacturing Renaissance – Unconventional drilling for oil and natural gas, such as that in Ohio’s Utica Shale, could be a major boost to the nation’s manufacturers during the next decade and a half. A new report by global research firm IHS predicts a “manufacturing renaissance” through 2025 fueled by the unconventional natural gas and oil industry. Increased drilling and pipeline construction has spurred demand for products, such as steel. The growing supply of natural gas, natural gas liquids and oil will lead to cheaper energy and less expensive chemicals, giving American manufacturers an advantage over European and Asian competitors, according to the study, which builds on two earlier IHS reports. Some of the predicted growth is already playing out in Stark and neighboring counties. To read more about this predicted manufacturing renaissance, click on this Canton Repository article.

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