NORTH CANTON, Ohio, May 9, 2017 /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% increase to the company's quarterly cash dividend, raising it to 27 cents per share. The dividend is payable on June 1, 2017, to shareholders of record as of May 19, 2017.
"This dividend increase demonstrates the confidence our board of directors has in the company's ability to generate strong earnings and free cash flow, while providing outstanding returns for our shareholders," said Richard G. Kyle, president and chief executive officer of The Timken Company. "A strong dividend is an important element of our efforts to reward shareholders as we continue to advance our long-term strategy."
This marks the 380th 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, 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 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®, Drives®, Lovejoy® and Interlube™. Known for its quality products and collaborative technical sales model, Timken posted $2.7 billion in sales in 2016. With more than 14,000 employees operating from 28 countries, Timken makes the world more productive and keeps industry in motion.
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SOURCE The Timken Company