NORTH CANTON, Ohio, May 8, 2018 /PRNewswire/ -- The board of directors of The Timken Company (NYSE: TKR; www.timken.com), a global leader in bearings and mechanical power transmission products, today approved a 4 percent increase to the company's quarterly cash dividend, raising it to 28 cents per share. The dividend is payable on June 4, 2018, to shareholders of record as of May 18, 2018.
"A strong and growing dividend is a focus of our capital allocation strategy to create long-term value for our shareholders," said Richard G. Kyle, Timken president and chief executive officer. "This dividend increase reflects the company's financial strength and our confidence in our strategy and future growth prospects."
This marks the 384th consecutive quarterly dividend paid on the common shares of the company since The Timken Company joined the New York Stock Exchange in 1922, one of the longest-running dividend records among NYSE-listed companies.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) engineers, manufactures and markets bearings, gear drives, belts, chain, couplings, lubrication systems and related products, and offers a spectrum of powertrain rebuild and repair services. The leading authority on tapered roller bearings, Timken today applies its deep knowledge of metallurgy, tribology and mechanical power transmission across a variety of bearings and related systems to improve the reliability and efficiency of machinery and equipment all around the world. The company's growing product and services portfolio features many strong industrial brands including Timken®, Fafnir®, Philadelphia Gear®, Groeneveld®, Drives® and Lovejoy®. Known for its quality products and collaborative technical sales model, Timken posted $3 billion in sales in 2017. With more than 15,000 employees operating from 33 countries, Timken makes the world more productive and keeps industry in motion.
SOURCE The Timken Company