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Thursday, March 18, 2010
Air Products Raises Quarterly Dividend For 28th Straight Year
By Nathan Becker
Dow Jones Newswires
DOW JONES NEWSWIRES
Air Products & Chemicals Inc. (APD) raised its quarterly dividend for the 28th straight year, saying the latest increase will be 8.9%.
The industrial gas maker's increase to 49 cents a share will add $35 million a year to the company's payouts to common shareholders.
Air Products has seen recent strength, reporting in January that its fiscal first-quarter profit more than tripled and topped analysts' forecasts as it benefited from an improving economy and cost-cutting measures.
The company also is embroiled in a takeover battle, fighting to acquire smaller rival Airgas Inc. (ARG) against its will. A deal would create the largest industrial-gas maker in North America by revenue.
Shares of Air Products were recently down 14 cents to $74.41. The stock has fallen 8.2% so far this year.
Copyright © 2009 Dow Jones Newswires
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