The largest shareholder of Babcock & Wilcox Enterprises Inc. is again offering to buy the entire company.
Steel Partners Holdings, which has been buying up shares of Charlotte, N.C.-based B&W, disclosed in a regulatory filing Wednesday after the stock market closed that it has offered to buy all remaining shares for as much as $3.50 apiece.
B&W shares closed Wednesday at $2.57, down 5 cents, or 1.9 percent. Shares were up more than 20 percent to $3.10 in after-hours trading.
The proposed purchase would include B&W’s MEGTEC and Universal businesses, according to the filing.
B&W, which makes boilers, pollution control systems and more for coal-fired power plants, has hundreds of employees in Barberton and Copley.
Steel Partners’ filing with the Securities and Exchange Commission showed it owns 17.8 percent, or nearly 30 million, of all B&W shares. The firm in December made an initial offer for B&W when it owned 11.8 percent of outstanding shares.
Specialty testing company Smithers Rapra can now offer analytical services to test infill, which is typically made out of recycled rubber granules and used in artificial turf surfaces.
Akron-based Smithers Rapra specializes in testing and analyzing rubber, plastics, and composites.
The new infill testing services will measure the presence of heavy metals in products made by rubber recyclers, infill processors, and artificial turf manufacturers. Rubber infill is often made out of recycled tires and is used as a shock absorber in artificial turf.
New standards aim to limit the amount of metals in the rubber granule materials following studies on the potential dangers of ingesting infill.
Summit County’s jobless rate continues to fall.
The county unemployment rate went to 4.2 percent in April from 4.5 percent in March and was down from 4.7 percent a year ago, according to figures released Tuesday by the Ohio Department of Job and Family Services.
Rates also dropped in Summit County’s two largest cities.
Akron’s unemployment rate hit 4.8 percent in April, down from 5.2 percent in March and 5.5 percent in April 2017.
The jobless rate in Cuyahoga Falls was 4.1 percent last month, down from 4.3 percent in March and 4.2 percent a year ago.
The number of people counted as working in Summit County hit 263,300, up from 260,200 in April 2017.
But there were significantly more people working in the county for the month of April 10 and 18 years ago, state figures show.
The number of people working in the month of April since 2000 peaked at 281,700 in 2008 — that’s 18,400 more employed people than there were last month in Summit County. There were 269,100 people counted as working in April 2000, according to state figures.
Rates fell in 85 of Ohio’s 88 counties and were unchanged in three counties last month. Rates ranged from a low of 2.3 percent in Mercer County to a high of 7.3 percent in Monroe County.
Rates elsewhere in Northeast Ohio for April, March and April 2017:
• Cuyahoga County: 4.6, 4.8, 5.6
• Cleveland: 5.8, 6.1, 7.2
• Medina County: 3.8, 4.1, 4.3
• Portage County: 4.1, 4.5, 4.6
• Stark County: 4.7, 5, 4.9
• Canton: 5.6, 5.7, 5.9
• Wayne County: 3.1, 3.3, 3.5
Before Akron city government approves a law cataloging abandoned and vacant commercial and industrial properties, city council members said they will continue working on identifying best practices to adopt in the proposed legislation.
Council members spent half an hour in a work session Monday afternoon discussing legislation Mayor Dan Horrigan introduced earlier in the month to create a vacant building registration program.
Council members spent much of the meeting talking with Patrick Bravo, executive director of the nonprofit Summit County Reutilization Corp., also called the land bank.
Councilman Jeff Fusco said he was interested in examining how the proposed city commercial registration program could work in conjunction with the county land bank. Fusco heads the council’s planning committee that is working on the building registration legislation.
The Summit County land bank has received $11.5 million to address abandoned, vacant and blighted residential-only properties, Bravo said. Some of the land bank’s money is earmarked for demolitions while other money can be used to save restorable residential properties, he said.
“We’re not looking to remove properties that can be salvaged, but can be saved for renovation or sold through the land bank through our Welcome Home program,” Bravo said.
Each of Summit County’s 31 communities likely has at least one vacant and blighted commercial or industrial property, Bravo said.
“Even if it is an abandoned gas station, every community has those,” he said.
It is critical that cities address and get control over the abandoned and blighted nonresidential properties, Bravo said.
“I think this is a big step in the direction,” he said of the proposed Akron law. “We’re excited to help in any way we can.”
The city’s proposed ordinance calls for creating a database of commercial and industrial properties, contacting the owners and requiring the owners to pay a $400 annual registration fee. The city would also create an appeals board, which would have the power to order a structure torn down or repaired.
“An ordinance like this will have a really positive effect on our community,” said Rich Swirsky, Ward 1 councilman.
Council members will review similar ordinances other Ohio cities have created to address abandoned commercial and industrial sites. Council members also said they were interested in discussing the proposed ordinance with local community development corporations.
Council could vote on the ordinance in upcoming weeks. (Council will not meet next Monday because of the Memorial Day holiday.)
FAIRLAWN: Louisville-based wealth management firm Hilliard Lyons has opened a branch at 3560 W. Market St.
“We are excited to be opening our sixth Hilliard Lyons branch in Ohio,” President Tom Kessinger said in a prepared statement. “This new team’s approach to listening carefully to clients and tailoring holistic wealth management plans fits our business model perfectly. We can’t wait to see what this team is able to accomplish in this attractive market.”
Hilliard Lyons, founded in 1854, has more than 70 branches in 12 states.
WASHINGTON: The United States and China are pulling back from the brink of a trade war after the world’s two biggest economies reported progress in talks aimed at bringing down America’s massive trade deficit with Beijing.
“We are putting the trade war on hold,” Treasury Secretary Steven Mnuchin said Sunday.
After high-level talks Thursday and Friday in Washington, Beijing agreed in a joint statement with the U.S. to “substantially reduce” America’s trade deficit with China, but did not commit to cut the gap by any specific amount. The Trump administration had sought to slash the deficit by $200 billion.
Still, Mnuchin said the two countries had made “meaningful progress” and that the administration has agreed to put on hold proposed tariffs on up to $150 billion in Chinese products. China had promised to retaliate in a move that threatened a tit for tat trade war.
He said they expect to see a big increase — 35 to 45 percent this year alone — in U.S. farm sales to China. Mnuchin also forecast a doubling in sales of U.S. energy products to the Chinese market, increasing energy exports by $50 billion to $60 billion in the next three years to five years.
Commerce Secretary Wilbur Ross, who has been part of the U.S. negotiating team, will go to China soon to follow up on last week’s discussions, Mnuchin said.
In Saturday’s statement, Beijing committed to “significantly increase” its purchases of American goods and services, saying the increase would “meet the growing consumption needs of the Chinese people and the need for high-quality economic development.”
Last year, the U.S. had a record $376 billion deficit with China in the trade of goods; that was the largest by far with any nation.
Trade analysts were not surprised that China refused to agree to a numerical target for cutting the trade gap, but they said the talks probably were more successful in easing trade tensions.
“The Trump administration seems eager to engineer at minimum a temporary peace with China to ensure a smooth run-up to the Kim-Trump summit in June,” Cornell University economist Eswar Prasad said, referring to the June 12 meeting scheduled between President Donald Trump and North Korean leader Kim Jong Un.
If there is success in the U.S.-China discussions, analysts suggest it likely would involve the countries’ presidents this fall before the November elections.
“Part of the good news for markets: As long as both sides continue to be ‘constructively’ engaged, imposition of additional tariffs by either side is very unlikely,” analysts at investment management firm Evercore ISI said in a research note. “There is no reason for either side — particularly the U.S. — to destroy the process that both sides are building, which is what imposing tariffs would do.”
Sen. Lindsey Graham, R-S.C., praised the administration’s efforts with China.
“It’s smart to engage China on trade abuses, and it would also be smart to get them more involved in trying to help us with North Korea,” Graham said.
Goodyear’s newest airship likely will be flying in Akron-area skies toward the end of June.
The Akron tire maker’s third and final NT, or New Technology, semi-rigid airship is in the end stages of being built inside the company’s Wingfoot Lake blimp hangar in Suffield Township a year after assembly first began.
One major step took place early Friday afternoon when crew members rolled the newly arrived gondola, the part that holds the crew and passengers, into position underneath the cavernous gas-holding envelope.
In upcoming days, the structure will be permanently attached to the envelope by workers with Zeppelin, the German manufacturer that makes the airship.
“This gondola has some slight improvements on it,” said Goodyear spokesman Ed Ogden. “As we operate our airships, we’re always looking for ways to make them better.”
In this case, Ogden said, the gondola has two windows in the rear — which also can be opened — compared to the previous two NT airships which do not have windows in that space.
“In the next few days they will actually be making the connections, the electronic connections, the wiring, that type of thing,” Ogden said. “It will take several days to actually finish that process.”
The airship is suspended from the hangar ceiling — the envelope is currently filled with air, allowing crew members to work inside as needed.
The nonflammable lighter-than- air helium that gives the airship its lift will be pumped in after much of the other work comes to an end.
“This past week we managed to get the fins on the back. That was a big leap forward,” Ogden said. “This gondola is the second biggest leap we’ve made in quite a while. … We have a lot of work left to do.”
That includes attaching and testing three engines and rotors to the airship’s strong but lightweight internal frame. The engines, which can swivel up and down to allow the airship to take off and land like a helicopter, are scheduled to be delivered to the hangar later this month.
Based on the work that remains, the new airship likely will take its first test flight at the end of June, Ogden said.
The new airship remains unnamed — its official designation is NT3. (Goodyear named its two other NT airships Wingfoot One and Wingfoot Two, so Wingfoot Three is not out of the question.)
Northeast Ohio residents will be seeing a Goodyear blimp in the skies before NT3 goes aloft. (Goodyear still refers to the airships as blimps despite the new craft having internal frames that true blimps do not have.)
Wingfoot One is scheduled to fly up from its Florida base in early June and stay in the area for a while, Ogden said. That airship first flew in March 2014; Wingfoot Two first flew in 2016 and was stationed at the Wingfoot Lake base until last fall when it flew to its permanent home in California.
It’s possible — but not definite — that when the NT3 is completed it may fly in tandem with Wingfoot One before that airship heads back south to Florida.
With all of the new airship technology, a significant piece of Goodyear blimp history has been placed carefully in a corner of the hangar — the gondola of Goodyear’s last true blimp, a GZ-20 model called the Spirit of Innovation, that was retired in March 2017.
The Beacon Journal did a series, Blimp Garage, that followed the construction of the blimp starting in 2005 to its first flight in 2006. Goodyear built 15 GZ-20 blimps from 1969 to 2006.
The Spirit of Innovation gondola will remain on display in the Wingfoot Lake hangar as a historic artifact for public tours of the facility.
Myers Industries Inc. is pricing a public offering of 4 million shares of stock at $18.50 per share.
The offering is expected to close on or about May 22, the Akron maker of plastic and rubber items and specialty tool distributor announced Friday. Underwriters have a 30-day option to buy an additional 600,000 shares of stock.
Net proceeds will be used to grow the business, including acquisitions, to reduce debt and for other corporate purposes, Myers Industries said in a news release.
The city of Massillon officially owns the property and equipment of the closed Affinity Medical Center.
The city has been working to acquire the hospital since its parent company, Quorum Health, announced in January that it was closing the hospital. At the time, the hospital cited declining revenues, increased operational costs and a competitive market. The hospital closed Feb. 12.
The agreement reached between Affinity Medical Center and the city of Massillon was successfully concluded Tuesday night and deeds were recorded to transfer ownership of the properties, and the equipment located at the main hospital property, to the city, said Massillon Mayor Kathy Catazaro-Perry in a news release. The properties were formerly owned by DHSC LLC and Massillon Health System LLC.
The settlement agreement, approved unanimously by Massillon City Council on May 7, ends litigation that began in January.
“We are pleased we have been able to finalize the agreement that our team worked so hard on these past few months. My team will continue to work hard for the citizens of Massillon and other Western Stark County communities that depend upon the availability of a local hospital to provide health care services. We look forward to working with multiple interested groups to rapidly identify a long-term solution for the community,” Catazaro-Perry said.
According to the Massillon Independent, the mayor has said the city has marketed the hospital to four or five parties that are interested in running the hospital. City officials, however, declined to identify the parties.
The agreement enabled the city to pay $1 for about $25 million worth of Affinity property and assets, including medical equipment.
Medical writer Betty Lin-Fisher can be reached at 330-996-3724 or [email protected]. Follow her @blinfisherABJ on Twitter or http://www.facebook.com/BettyLinFisherABJ and see all her stories at http://www.ohio.com/betty
MILLERSBURG: The Pomerene Hospital has agreed to join the Canton-based Aultman Health Foundation, the Wooster Daily Record reports.
“The Pomerene board believes that (the) brand of the hospital are the people who work there, and I wholeheartedly agree,” Pomerene CEO Tony Snyder told the newspaper. “We don’t expect much change.”
The agreement is expected to take effect next year.
KENT: Portage Community Bank reported record earnings last year, the Kent-Ravenna Record-Courier reports.
The bank shared its annual report with shareholders Tuesday night at the Kent State University Hotel and Conference Center.
“Over the past few years, we have experienced simply outstanding growth in our deposits by achieving over $14 million in net growth for the third consecutive year,” Portage Community Bank Chief Executive Officer Richard J. Coe said, according to the newspaper.
The next income last year was $2.21 million, the Record-Courier reported.
Chuck Jones, the head of FirstEnergy Corp., got right to the point in his speech Tuesday at the Akron utility’s annual shareholders meeting.
“It’s safe to say the last week of March was one of the most eventful in our company’s history,” the chief executive officer said.
About 120 people attended what turned out to be a short meeting in the John S. Knight Center in downtown Akron. The event started at 8 a.m., with official business concluding at 8:09 and the entire program over by 8:33.
Jones addressed shareholders after the business portion of the meeting officially ended, noting FirstEnergy Solutions and its subsidiaries, plus FirstEnergy Nuclear Operating Company, filed for Chapter 11 bankruptcy that month. Just before the filing, Jones said, FirstEnergy Solutions notified regulators it planned to close its three nuclear power plants, Davis-Besse and Perry in Ohio and Beaver Valley in Pennsylvania, while asking the federal government to intervene to support the plants.
While the bankruptcy process continues to play out in the courts, FirstEnergy has reached a pending agreement with major creditors that “is a significant step toward these companies ultimately emerging from bankruptcy,” Jones said. FirstEnergy, meanwhile, also received a $2.5 billion equity investment that reduced debt and shored up pensions, he said.
As FirstEnergy continues with its plan to become a fully regulated utility again, Jones said the company will spend $10 billion over the next three years to upgrade and improve critical infrastructure including transmission and distribution lines and incorporating “smart grid” technology.
“Through our multibillion dollar Energizing the Future initiative, we’re keeping pace with customer demand for electricity by upgrading and modernizing our transmission system,” Jones said. “We plan to invest up to $4.8 billion from 2018 through 2021 on these improvements.”
FirstEnergy has identified another $20 billion in projects to pursue beyond 2021, Jones said.
FirstEnergy will be implementing automated technologies that can do such things as quickly ward off outages and re-route electricity to customers to prevent a widespread outage, Jones said.
“We’re also taking a hard look at FirstEnergy’s structure and staffing levels to better align them with our company’s needs going forward,” Jones said. A new team will be looking at corporate support services and how they fit into a fully regulated utility, he said.
(FirstEnergy in January 2017 started a review of primarily the corporate and shared services side of the business — in a process called FE Tomorrow — to see if costs are aligned with the utility’s planned exit from competitive generation. The process could go into 2019.)
The utility also has created a council charged with building a workforce that more accurately reflects the demographics of the communities it operates in, Jones said.
Diversity training is required of all employees, and the 2018 incentive compensation targets for top leaders includes a diversity and inclusion goal, Jones said.
Just three of six board-supported items passed: the election of 12 directors to one-year board terms, the appointment of PricewaterhouseCoopers as FirstEnergy’s public accounting firm and an advisory measure on named executive compensation.
Shareholders failed to pass an amendment to replace a supermajority voting requirement with a majority voting requirement to amend articles of incorporation and regulation; a measure to implement majority voting for uncontested director elections; and a proposal to implement proxy access in the amended code of regulations.
Also failing was a measure to allow holders of 10 percent in FirstEnergy stock to call a special shareholders meeting. FirstEnergy’s current threshold is 25 percent stock ownership.
Tuesday’s meeting also marked the retirement of George Smart after 14 years as FirstEnergy board chairman. FirstEnergy’s new board chairman is Don Misheff, 61, retired managing partner of the Northeast Ohio offices of Ernst & Young public accounting firm. Misheff first joined the FirstEnergy board in 2012.
Reporter Jim Mackinnon covers business and county government. He can be reached at 330-996-3544 or [email protected]. Follow him @JimMackinnonABJ on Twitter or http://www.facebook.com/JimMackinnonABJ.
The J. M. Smucker Co. on Monday said it has completed its $1.9 billion acquisition of Ainsworth Pet Nutrition LLC, maker of Rachael Ray Nutrish premium pet food.
While the cash deal is $1.9 billion, the price falls to $1.7 billion because of an estimated tax benefit of $200 million.
Orrville food giant Smucker and Ainsworth announced the sale April 4. Ray is a celebrity businesswoman, author, talk-show host and cook. Rachael Ray Nutrish accounts for about two thirds of Ainsworth sales.
The other pet food brands owned by J.M. Smucker include Meow Mix, Milk-Bone, Kibbles ‘n Bits, Natural Balance, and 9Lives. The company first added pet foods to its portfolio in a $5.8 billion deal in 2015 to buy Big Heart Pet Brands.
The new publisher of the Akron Beacon Journal/Ohio.com, Bill Albrecht, says the community can expect a continued commitment to local journalism under ownership by GateHouse Media, the nation’s largest newspaper chain.
“And I say that with the utmost respect for what the Beacon Journal’s history has been,” Albrecht said Monday. “That’s not going to go away. And in fact, we are going to try to find ways to enhance the experience. And a lot of that will come through digital means. It’s where the readers and consumers are going.”
Albrecht, 56, was named publisher Monday after GateHouse Media assumed ownership of the newspaper and Ohio.com on Saturday from Black Press.
The Beacon Journal has the opportunity to build coming into the larger group and figuring out what it does well and what it needs to do better, Albrecht said.
“It will come with some pain and it will come with some tough decisions,” he said. “We’re trying to build something here, and not every market can say that.”
The Akron-area business community can expect to be offered new ways to connect with the audiences that buy their products and services, Albrecht said. Those ways will include partnerships, events, promotions and more in addition to digital services and products, he said.
“How we engage the community, how we build it, how we go forward, we’re going to ask for their participation,” he said. “We believe that there’s a place for community journalism and for a marketing operation that is long for the future.”
Albrecht said he is comfortable with being the public face of the organization.
“I’m an offensive lineman at heart. I like to get in and be involved,” he said. He is, in fact, a former offensive lineman who played center for the University of South Dakota football team.
Albrecht said he likes to be involved with his staff and with his community, including with such organizations as the United Way and Junior Achievement.
He and his wife bought a home in Wooster in January. He will be commuting to his office in Akron but said he expects to relocate eventually.
Albrecht said when it comes to managing, he is engaged, focused and wants everyone to succeed.
“I think that from a leadership standpoint, I feel that if people continue to develop and grow, we will do OK,” he said. “If they are waiting around for the next instruction, we have a lot of problems.
“ … I expect initiative. You will probably hear me say at some point, ‘Make me say no.’ What I mean by that is, come to me with ideas,” he said. “Be aggressive. Be assertive. Be so out there that I have to say no to it.”
Albrecht also said it is too soon to say if or how long the Beacon Journal will stay in its building at Exchange and High streets in downtown Akron. GateHouse is leasing the property from Black Press.
On the business side of its operations, GateHouse provides direction and offers resources, he said.
On the news side of its operations, GateHouse provides support but does not intervene in news decisions, Albrecht said.
CLEVELAND: Malley’s Chocolates is warning 3,400 online customers that their credit or debit card information might have been compromised by a computer hacker in March, during the Ohio candy company’s busy weeks before Easter.
The company based in suburban Cleveland says the data breach affected customers who made online orders but not those shopping in person at its nearly two dozen stores in northeastern Ohio.
Malley’s Chairman and co-owner Mike Malley told The Plain Dealer in Cleveland that tips from customers who spotted fraud involving their accounts led to further investigation that confirmed the breach. The company shut down its website for several days to address the security concerns.
Malley told the newspaper that security features on the company’s website were up-to-date and officials aren’t sure how it was hacked.
MASSILLON: Shearer’s Foods Chief Executive Officer Bill Nictakis says the snack foods company is interested in improving manufacturing operations and focusing on its private-label work, Crain’s Cleveland Business reports.
Shearer’s runs 11 facilities across the United States and Canada.
“We don’t need to add to that right now,” Nictakis told the publication. “We’re going to focus on improving what we have … We intend to grow, but it’s not about tonnage. It’s about profitable tonnage.”
New car and truck/SUV sales in Northeast Ohio rebounded strongly in April, with Chevrolet besting Ford as the month’s best-selling brand in the region.
There were 22,073 new vehicles sold in April, up from 20,266 a year ago, according to the Greater Cleveland Automobile Dealers’ Association. The sales figures are for a 21-county Northern Ohio region and include large trucks.
New vehicle sales in Summit County, however, were down in April compared to a year ago. New vehicle sales in the county totaled 2,171, down 94, or 4.2 percent from 2,265 in April 2017, according to the Northeast Ohio Automobile Dealers Association.
Sales since Jan. 1 in Northeast Ohio are down 1.9 percent compared to the same 4-month period a year ago, the GCADA said.
“The dealers of Northern Ohio bucked the national trend with increased sales of new cars and trucks in April,” Louis A. Vitantonio, GCADA president, said in a news release.
There was a surprising surge in the sale of passenger cars, he said.
Dealers sold 11,964 new cars in April, up 8.4 percent from a year ago. Consumers in recent years have preferred buying SUVs and crossovers instead of cars, in large part because of relatively low gasoline prices.
Light trucks, SUVs and CUVs continue to grow at a faster pace than cars, Vitantonio said.
“We continue to anticipate a strong 2018 as compared to 2017,” he said.
Chevrolet sold 3,378 vehicles in April followed by Ford at 3,047; Honda with 1,835; Toyota with 1,666; and Jeep with 1,588 vehicles.
NEW YORK: Media company Twenty-First Century Fox has agreed to buy seven TV stations from Sinclair Broadcast Group for $910 million.
That includes WJW (Channel 8) in Cleveland.
The move comes as Sinclair is selling some stations to meet regulatory approval for its pending $3.9 billion acquisition of Tribune Media. Meanwhile, Disney is pursuing a $52 billion takeover of much of Fox, though TV stations will stay with Rupert Murdoch’s family under a new Fox company.
Two of the Sinclair stations are in California, and the rest are in Colorado, Florida, Utah and Washington.
Fox said the deal will let it compete in 19 of the top 20 markets, with a larger presence in the West.
In April, Sinclair agreed to sell nine TV stations to Standard Media Group for $442 million.
Both Sinclair deals are contingent on the acquisition of Tribune Media closing.
The Fox deal is expected to close in the second half of the year.
Sinclair received widespread attention after news reports in April showed dozens of Sinclair news anchors reading an identical script expressing concern about “one-sided news stories plaguing the country.” At the time, President Donald Trump tweeted his support of the network.
Babcock & Wilcox Enterprises reported a sharp drop in first-quarter revenue and a large loss compared to a year ago.
The Charlotte-based coal power plant and energy company, which has a significant presence in Barberton and Copley, on Tuesday also reaffirmed its earnings guidance for the year and said it is in a position to improve its balance sheet.
B&W lost $120.3 million, or $2.73 per share, on revenue of $311.4 million for the quarter ending March 31. That compares to a loss of $13 million, or 14 cents per share, on revenue of $391.1 million a year ago.
B&W reported results after the stock market closed Tuesday. Earnings and revenue came in below analyst expectations.
“Performance in our Power and Industrial segments was generally in line with our expectations in first quarter,” Leslie C. Kass, president and chief executive officer, said in a news release. B&W’s Power segment has significant operations in Barberton.
Previously announced cost increases in European renewable energy projects offset the Power and Industrial performances, Kass said. B&W is seeking recoveries to mitigate losses in the European projects.
B&W raised $248.5 million through a recently completed rights offering, which was used to pay down debt, the company said.
The debt repayment, along with potential sales of the MEGTEC and Universal subsidiaries, puts B&W on a path to a much-improved balance sheet, Kass said.
B&W said it continues to expect to have adjusted earnings of $20 million to $40 million on revenue of $1.5 billion to $1.7 billion for the year.
B&W shares closed down 11 cents, or 4.1 percent, to $2.60 on Tuesday.
Timken Co. increased its quarterly dividend by 4 percent.
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.