Timken's plans to review the company's corporate governance and capital allocation strategy is in response to the non-binding shareholder proposal that was recently approved at the company's 2013 Annual Meeting of Shareholders.

The committee consists of all independent and non-Timken family board members, with Joseph W Ralston, the company's lead director, serving as its chairman. The Committee has retained Goldman Sachs to assist in its evaluation.

"The board values the feedback we received from our shareholders through the course of the proxy process as well as at our recent Annual Meeting," Ralston said. "The committee, with the aid of outside advisors, is carefully evaluating options related to corporate structure as well as shareholder input on corporate governance and capital allocation. The company expects to report on the results of the Committee's evaluation by the end of the third quarter.”