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NORTH CANTON, Ohio - The Timken Company (NYSE:TKR), a global industrial leader with a market capitalization of $5.27 billion and strong financial health indicators according to InvestingPro, announced Thursday it has applied to the Ontario Securities Commission to cease being a "reporting issuer" in Ontario, the only Canadian jurisdiction where it currently holds that status.
If approved, Timken would no longer need to file certain financial reports and disclosures in Canada that duplicate its U.S. reporting requirements. The company confirmed it will continue to file all required financial statements and disclosure materials with U.S. regulators and the New York Stock Exchange.
Canadian shareholders will still receive all disclosures provided to U.S. shareholders in accordance with U.S. securities laws and NYSE rules, according to the company’s press release statement.
Timken, a manufacturer of engineered bearings and industrial motion products, reported $4.6 billion in sales in 2024. The company employs approximately 19,000 people globally and operates in 45 countries.
All documents filed with U.S. regulators will remain publicly accessible to investors through the U.S. Securities and Exchange Commission website.
In other recent news, The Timken Company has announced several key leadership changes. Lucian Boldea is set to become the new president and CEO, effective September 1, 2025. Boldea, who currently leads Honeywell’s Industrial Automation segment, will take over from Richard G. Kyle, who has been serving in an interim role since March. In addition, Timken has appointed Michael A. Discenza as the new chief financial officer, succeeding Philip D. Fracassa. Discenza, a long-time employee of Timken, has held various finance roles within the company over the past 25 years. Meanwhile, JPMorgan has initiated coverage of Timken stock with a Neutral rating and a price target of $80. This reflects a modest potential upside, indicating the firm’s cautious optimism about Timken’s future. These developments come as Timken continues to expand its focus beyond bearings into industrial motion and services.
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