The international industrial gases company, Air Products recently rewarded its shareholders with the 29th consecutive quarterly dividend increase.
According to John McGlade, Chairman, President and CEO, the company’s latest quarterly dividend increase and share repurchase action demonstrated the firm’s ardent commitment to, “returning cash to shareholders.”
Air Products’ Board of Directors has increased the quarterly dividend on the company’s common stock to 58 cents per share from 49 cents. This reflects an increase of 18% and represents the 29th consecutive year that the North American firm has increased its dividend payment.
The dividend is payable on 9th May 2011, to shareholders of record at the close of business on 1st April 2011. Furthermore, since 31st December 2010, the company has repurchased about $350m in shares as part of a previously authorised share repurchase.
With regards to these moves, John McGlade, commented, “these actions demonstrate our commitment to returning cash to shareholders and our confidence in Air Products’ ability to generate strong free cash flow.” He added, “We believe that investors should share directly in the improved operating performance of their company.”