Business Briefs

Timken Co. declares

quarterly dividend

The Timken Company board of directors Monday declared a quarterly cash dividend of 23 cents per share. The dividend is payable March 5 to shareholders of record as of Feb. 20.

This marks the 363rd consecutive quarterly dividend paid on the common stock of the company since Timken was listed on the New York Stock Exchange in 1922, one of the longest running dividend records among NYSE-listed companies.

Timken, with a plant in Niles, engineers, manufactures and markets mechanical components and high-performance steel. The company reported sales of $5.0 billion in 2012 and approximately 20,000 employees in 30 countries.

Utility Pipeline Ltd.

to acquire Ohio utilities

Utility Pipeline Ltd. has acquired the natural gas-distribution assets of Eastern, Pike and Southeastern Natural Gas Companies from Crosstex Energy, a midstream energy services company based in Dallas.

The assets acquired include more than 7,000 customers in northeastern Ohio, approximately 8,000 customers in southern Ohio and nearly 750 miles of natural gas distribution pipelines along with other facilities.

“It is our goal to make this transition as seamless as possible for all parties involved. UPL will continue to operate and maintain these distribution systems to the highest standards,” said Andrew Duckworth, president of Utility Pipeline Ltd.