Timken Co. hikes dividend by 4%

The Timken Co. (NYSE: TKR) of North Canton is hiking its dividend by 4%.The maker of bearings and mechanical power transmission products said in a target that its board of directors on Tuesday, May 8, approved the increase in the company's quarterly cash dividend, raising it to 28 cents per share.The dividend is payable on June 4 to shareholders of record as of May 18.Richard G. Kyle, Timken's president and CEO, said in the release that the increase "reflects the company's financial strength and our confidence in our strategy and future growth prospects.This is the 384th consecutive quarterly dividend paid on the common shares of the company since Timken joined the New York Stock Exchange in 1922, the company said in the release.Timken posted sales of $3 billion in 2017. It has more than 15,000 employees at operations in 33 countries.