Timken Raises Dividend by 15 Percent; Approves Increased Stock Buyback Authorization Plan
At the same time, the board approved a new stock buyback authorization for up to 10 million shares of Timken common stock. This replaces the company's existing share purchase plan, which had 2 million shares remaining and was set to expire on Dec. 31, 2012. Under the new plan, the company may purchase its own common shares in the open market or through privately negotiated transactions through Dec. 31, 2015.
"We are pleased that Timken's financial strength and record performance allow us to return more to our shareholders," said Ward J. Timken, Jr., chairman of the board. "The decisions to increase both the dividend and stock buyback plan directly reflect our confidence in the current and future prospects and value of The Timken Company."
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