The Jackson Township maker of bearings and mechanical power transmission products said the new 28 cents per share dividend will be payable on June 4 to shareholders of record as of May 18, 2018.

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

This will be the 384th consecutive quarterly dividend paid on Timken shares since the company joined the New York Stock Exchange in 1922.

(c)2018 the Akron Beacon Journal (Akron, Ohio)

Visit the Akron Beacon Journal (Akron, Ohio) at www.ohio.com

Distributed by Tribune Content Agency, LLC.