NORTH
CANTON, Ohio, May 3, 2024
/PRNewswire/ -- The board of directors of The Timken Company (NYSE:
TKR; www.timken.com), a global technology leader in engineered
bearings and industrial motion, today approved a 3 percent increase
in the company's quarterly cash dividend, raising it to 34
cents per share. The dividend is payable on May 28, 2024,
to shareholders of record as of May 14, 2024.
"We're proud to extend Timken's annual dividend increases to 11
straight years," said Richard G. Kyle, Timken president and
chief executive officer. "Our board's commitment to growing the
dividend over time with earnings reflects the confidence we have in
our long-term strategy, and today's increase is a direct result of
our ability to consistently deliver strong and growing financial
results. Steadily growing the dividend remains an important part 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 408 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), a global
technology leader in engineered bearings and industrial motion,
designs a growing portfolio of next-generation products for diverse
industries. For 125 years, Timken has used its specialized
expertise to innovate and create customer-centric solutions that
increase reliability and efficiency. Timken posted $4.8
billion in sales in 2023 and employs more than 19,000 people
globally, operating from 45 countries. Timken is one of the World's
Most Innovative Companies, according to Fast Company, and
has been recognized among America's Most Responsible
Companies and America's Greatest Workplaces for Diversity by
Newsweek, the World's Most Ethical
Companies® by Ethisphere and America's Most
Innovative Companies by Fortune.
Media Relations:
Scott
Schroeder
234.262.6420
scott.schroeder@timken.com
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SOURCE The Timken Company