Company Increases Quarterly Dividend to 31 Cents Per Share; Joins Short List of Companies to Achieve 100-Year Milestone
NORTH CANTON, Ohio, May 6, 2022 /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 in the company's quarterly cash dividend, raising it to 31 cents per share. This dividend, which is payable on June 2, 2022, to shareholders of record as of May 16, 2022, marks the company's 400th consecutive quarterly dividend as a public company.
Timken has paid a dividend on its common shares every quarter since its listing on the New York Stock Exchange (NYSE) in 1922. With the dividend announced today Timken joins a distinguished list of companies to achieve this significant milestone.
"There's no better testament to The Timken Company's enduring value and strength than paying a dividend every quarter for 100 straight years," said John M. Timken, Jr., chairman. "Very few companies share this distinction, and Timken is poised to continue building on its century of achievements as a public company and creating sustainable value for all of our stakeholders."
"We're extremely proud to hold one of the longest-running dividend streaks among NYSE-listed companies, as it reflects the strength and resiliency of our business model and the steadfast demand for Timken products and technology," said Richard G. Kyle, president and chief executive officer. "As a global industrial leader serving a wide range of end markets worldwide, we will continue to advance the company strategy and invest in the business to drive future growth and strong returns for our shareholders."
Timken operates in 42 countries and supports a broad array of industrial end markets, including renewable energy and automation, which now represent the company's first and second largest individual end markets, respectively.
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 $4.1 billion in sales in 2021 and employs more than 18,000 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, Best Employers for New Graduates and Best Employers for Women by Forbes.
SOURCE The Timken Company