The Timken Company (Canton, Ohio) will cut its quarterly dividend by 28%, from $0.18 per share to $0.13 per share. This is Timken's first dividend cut since 1986 and the company's 318th consecutive dividend.

"At this time, most economists foresee a weak, gradual recovery. We believe it is wise to anticipate that kind of recovery in our own business planning," said W.R. "Tim" Timken, Chairman and CEO. "When combining this dividend decrease - our first since 1986 - with aggressive cost-reduction efforts, we will be in a stronger positions to improve our performance level as the anticipated economic recovery occurs."