NORTH
CANTON, Ohio, May 5, 2023
/PRNewswire/ -- The board of directors of The Timken Company (NYSE:
TKR; www.timken.com), a global leader in engineered bearings and
industrial motion products, today approved a 6 percent increase in
the company's quarterly cash dividend, raising it to 33 cents per share. The dividend is payable on
May 30, 2023, to shareholders of
record as of May 16, 2023.
"We are pleased to announce another increase to our quarterly
dividend," said Richard G. Kyle, Timken president and chief
executive officer. "Today's announcement reflects our consistently
strong financial performance over time and our confidence in the
company's outlook. It also demonstrates our commitment to
consistently growing the dividend as a critical element of our
disciplined capital allocation strategy."
Timken has paid a dividend on its common shares every quarter
since its original listing on the New York Stock Exchange (NYSE) in
1922. The upcoming dividend represents 404 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 industrial motion
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 $4.5 billion in sales in 2022 and employs more
than 19,000 people globally, operating from 46 countries. Timken
has been recognized among America's Most Responsible
Companies by Newsweek, the World's Most Ethical
Companies® by Ethisphere, America's Most
Innovative Companies by Fortune and America's Best Large
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