Saturday, September 25, 1999
TRISTATE MARKET SPOTLIGHT
Timken considers sale of steel unit
Canton, Ohio-based Timken Co., maker of steel and bearings used in the auto industry, is considering a sale and other options for its specialty-steel unit to concentrate on its bearings and alloy steel businesses.
The unit, Latrobe Steel Co., represents about 20 percent of Timken's $1 billion-a-year steel business. The Latrobe, Pa.-based unit is profitable, Timken said in a statement.
Timken said it's also considering strategic alliances and acquisitions for Latrobe Steel.
Shares of Timken closed up 121/2 cents, to $16.311/4.
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TRISATE SUMMARY
TRISTATE MARKET SPOTLIGHT
PEOPLE ON THE MOVE
