Timken Board Elects RPM CEO Frank Sullivan; Declares Regular Quarterly Dividend
CANTON, Ohio, Nov. 7, 2003 -- The Timken Company's board of directors today elected Frank C. Sullivan, 43, president and CEO of RPM International Inc., a director of The Timken Company.
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In a separate board action, the company declared its regular quarterly cash dividend of 13 cents per share. The dividend is payable on Dec. 2, 2003 to shareholders of record as of Nov. 21, 2003. It will be the 326th consecutive dividend paid on the common stock of the company.
"Frank's expertise in finance and his leadership of a growing industrial company will bring valuable experience to the Timken board," said W.R. Timken, Jr., chairman. "Our addition of a board member of Frank's stature will strengthen the board as the company continues an aggressive strategy toward long-term profitable growth."
Mr. Sullivan has been a leader at RPM since 1987. Prior to assuming his current position, he served in a variety of leadership positions at the company including chief operating officer, chief financial officer, as well as positions in corporate development and sales. RPM International Inc. , a holding company, owns subsidiaries that are world leaders in specialty coatings serving both industrial and consumer markets. The company's products are sold in more than 130 countries and are manufactured at 68 plant locations in 17 countries. The company had 2002 sales of $2.01 billion.
Mr. Sullivan began his career in various commercial lending and corporate finance positions at Harris Bank and First Union National Bank. He earned a bachelor of arts degree from the University of North Carolina as a Morehead Scholar in 1983.
The Timken Company ( www.timken.com ) is a leading international manufacturer of highly engineered bearings, alloy and specialty steels and components, and a provider of related products and services. Following its February 2003 acquisition of The Torrington Company, Timken employed 28,000 people worldwide with operations in 29 countries. In 2002, the combined companies had sales of approximately $3.8 billion.
Media Contact: Carol A. Titus, Communications Manager, (330) 471-3757, or www.timken.com/media
Investor Contact: Kevin R. Beck, Manager - Investor Relations, (330) 471-7181, or www.timken.com/investors
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