CANTON, Ohio, Feb. 10, 2012 /PRNewswire-FirstCall/ -- The Timken Company (NYSE: TKR) board of directors today declared a quarterly cash dividend of 23 cents per share, an increase of 15 percent over the previous quarterly amount. This marks the 359th consecutive dividend on the common stock of the company, payable on Mar. 2, 2012, to shareholders of record as of Feb. 21, 2012.
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At the same time, the board approved a new stock buyback authorization for up to 10 million shares of Timken common stock. This replaces the company's existing share purchase plan, which had 2 million shares remaining and was set to expire on Dec. 31, 2012. Under the new plan, the company may purchase its own common shares in the open market or through privately negotiated transactions through Dec. 31, 2015.
"We are pleased that Timken's financial strength and record performance allow us to return more to our shareholders," said Ward J. Timken, Jr., chairman of the board. "The decisions to increase both the dividend and stock buyback plan directly reflect our confidence in the current and future prospects and value of The Timken Company."
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) keeps the world turning with innovative friction management and power transmission products and services that help machinery perform more efficiently and reliably. With sales of $5.2 billion in 2011 and approximately 21,000 people operating in 30 countries, Timken is Where You Turn® for better performance.
Contacts - Media: Lorrie Paul Crum, Ofc: 330.471.3514; Mob: 330.224.5021. lorrie.crum@timken.com; Investors: Steve Tschiegg, Ofc: 330.471.7446. steve.tschiegg@timken.com, The Timken Company.
SOURCE The Timken Company