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.