The board of directors of The Timken Company (NYSE: TKR; www.timken.com), a global leader in bearings and mechanical power transmission products, today approved a 4 percent increase to the company's quarterly cash dividend, raising it to 28 cents per share. The dividend is payable on June 4, 2018, to shareholders of record as of May 18, 2018.

The Timken Company Logo. (PRNewsfoto/The Timken Company)

"A strong and growing dividend is a focus of our capital allocation strategy to create long-term value for our shareholders," said Richard G. Kyle, Timken president and chief executive officer.  "This dividend increase reflects the company's financial strength and our confidence in our strategy and future growth prospects."

This marks the 384th consecutive quarterly dividend paid on the common shares of the company since The Timken Company joined the New York Stock Exchange in 1922, one of the longest-running dividend records among NYSE-listed companies.