The Timken Company (TKR) will raise its quarterly dividend to $0.27 per share.

The dividend is payable on June 1, 2017, to shareholders of record as of May 19, 2017.

"This dividend increase demonstrates the confidence our board of directors has in the company's ability to generate strong earnings and free cash flow, while providing outstanding returns for our shareholders," said Richard G. Kyle, president and chief executive officer of The Timken Company.  "A strong dividend is an important element of our efforts to reward shareholders as we continue to advance our long-term strategy."

This marks the 380th 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.

The Timken Company engineers, manufactures and markets bearings, gear drives, belts, chain, couplings, and related products, and offers a spectrum of powertrain rebuild and repair services.