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.
Media Relations:
Scott
Schroeder
234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com
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SOURCE The Timken Company