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.