New Britain tool maker Stanley Black & Decker said Tuesday that its board of directors has approved a 21 percent increase of its common dividend to 41 cents a share, its second increase in six months.
Last July, the company raised its dividend a penny to 34 cents. With the latest increase, Stanley said it has raised its annual dividend 44 consecutive years.
The dividend is payable on March 22, to shareholders of record as of the close of business on March 2.
“This substantial dividend increase, five months earlier in the calendar year than our historical practice, reflects our confidence in the cash generation potential of the company,” said President and CEO John F. Lundgren. “Dividend growth is an important element of our shareholder value proposition and we are pleased to be able to announce an increase of this magnitude.”
