On September 5, 2013, The Timken Company’s (TKR) board of directors approved a plan to separate its nearly century-old (at the time) steel business from its bearings business through a spinoff. Timken completed the spinoff of TimkenSteel Corporation (TMST) on June 30, 2014. Timken shareholders of record as of June 23, 2014, received one TimkenSteel common share for every two Timken common shares they owned. For example, a shareholder who owned 50 shares of TKR as of June 23, 2014, continued to own those TKR shares and, in addition, he or she received 25 shares of TMST stock (plus cash in lieu of any fractional shares of TMST stock). Shareholders were not required to take any action to participate in the spinoff.
Approximately 45.4 million shares of TimkenSteel common stock were distributed to Timken shareholders on June 30, 2014.
TimkenSteel Separation Tax Cost Basis Information:
Timken Tax Form 8937 with Attachment
TimkenSteel Separation Tax Cost Basis Information