NORTH CANTON, Ohio, May 7, 2021 /PRNewswire/ -- The board of directors of The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products, today approved a three percent increase to the company's quarterly cash dividend, raising it to 30 cents per share. The dividend is payable on June 3, 2021, to shareholders of record as of May 21, 2021.
"The increase in our dividend reflects our long-term outlook and ability to continue to grow the earnings power of the company," said Richard G. Kyle, Timken president and chief executive officer. "This upcoming dividend will mark 99 straight years of consecutive quarterly dividends. We are proud of this track record, and growing our dividend will remain a top priority of our capital deployment strategy."
The Timken Company has paid a dividend on its common shares every quarter since its listing on the New York Stock Exchange (NYSE) in 1922. The upcoming dividend represents 396 consecutive quarters, one of the longest-running dividend streaks among NYSE-listed companies.
About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com) designs a growing portfolio of engineered bearings and power transmission products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted $3.5 billion in sales in 2020 and employs more than 17,000 people globally, operating from 42 countries. Timken is recognized among America's Most Responsible Companies by Newsweek, the World's Most Ethical Companies® by Ethisphere and America's Best Employers by Forbes.
SOURCE The Timken Company