This paper presents a decomposition-based method for timed circuit design that is capable of significantly reducing the cost of synthesis. In particular, this method synthesizes each output individually. It begins by contracting the timed signal transition graph (STG) to include only transitions on the output of interest and its possible trigger signals. Next, the reachable state space for this contracted STG is analyzed to determine a minimal number of additional signals, which must be reintroduced into the STG to obtain complete state coding. The circuit for this output is then synthesized from this STG. Results show that the quality of the circuit implementation is nearly as good as the one found from the full reachable state space, but it can be applied to find circuits for which full-state-space methods cannot be successfully applied. The proposed method has been implemented as a part of our tool Nii-Utah Timed Asynchronous circuit Synthesis system (nutas), and its first version is available at http://research.nii.ac.jp/ yoneda.