Timken Co. “stands strong,” Chairman Ward J. “Tim” Timken Jr. said at the annual shareholders meeting on Tuesday. The company also announced a first quarter dividend.
Company directors on Tuesday approved paying Timken shareholders a 23 cents per share quarterly cash dividend.
The board conducted its annual shareholders meeting Tuesday morning.
Board Chairman Ward J. “Tim” Timken Jr. said the company “stands strong, underscoring our success in focusing the organization and our portfolio on the markets and applications where we can generate significant value.”
Timken said the company’s strategy is working and drove record performance in 2011. “That momentum carried into 2012 with a record first quarter and an expectation that we will continue to perform well tomorrow and beyond,” he said.
Four board members — Joseph W. Ralston, vice chairman of Cohen Group; John P. Reilly, retired chairman, president and chief executive officer of Figgie International; John M. Timken Jr., private investor and entrepreneur; and Jacqueline F. Woods, retired president of Ameritech Ohio — were re-elected to 1-year terms.
The dividend will be paid June 5 to shareholders of record on May 18. It’s the 360th consecutive quarter in which Timken has paid a quarterly cash dividend. Timken shares have been listed on the New York Stock Exchange since 1922.