NORTH CANTON, Ohio, May 7, 2015 /PRNewswire/ -- The board of directors of The Timken Company (NYSE: TKR; www.timken.com), a global leader in bearings, today approved a 4 percent increase to the company's quarterly dividend, raising it to $0.26 per share. The dividend to shareholders of record as of May 18, 2015, is payable on June 2, 2015.
"The board's decision to increase the dividend demonstrates the confidence they have in the company's ability to perform, generate cash and provide outstanding returns to shareholders," said Richard G. Kyle, president and chief executive officer of The Timken Company, in announcing the dividend increase. "Our business model is focused on value creation, and we're confident we have a robust strategy in place to deliver value to both our customers and our investors."
This marks the 372nd consecutive quarterly dividend paid on the common shares of the company since The Timken Company joined the New York Stock Exchange 92 years ago, and stands as 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, transmissions, gearboxes, chain 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® and InterlubeTM. Known for its quality products and collaborative technical sales model, Timken posted $3.1 billion in sales in 2014. With 14,000 employees operating from 28 countries, Timken makes the world more productive and keeps industry in motion.
| Media Contact: Gloria Irwin Communications Manager 4500 Mount Pleasant St. N.W. North Canton, OH 44720 U.S.A. Telephone: 234.262.3514 |
Investor Relations: Steve Tschiegg Director - Capital Markets and Investor Relations 4500 Mount Pleasant St. N.W. North Canton, OH 44720 U.S.A. Telephone: 234.262.7446 |
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SOURCE The Timken Company
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