LEHIGH VALLEY, Pa., Jan. 27, 2017 /PRNewswire/ -- The Board of Directors of Air Products (NYSE: APD) has increased the quarterly dividend on the company's common stock to 95 cents per share from 86 cents, representing a 10 percent increase. The dividend is payable on May 8, 2017 to shareholders of record at the close of business on April 3, 2017.
This marks the 35th consecutive year that Air Products has increased its dividend payment.
Seifi Ghasemi, chairman, president and chief executive officer of Air Products, said, "The Board's decision to significantly increase the dividend reflects continued confidence in the financial strength of Air Products, including our strong cash flow. Underpinned by our A credit rating and capability to strategically deploy capital following the separation of our Materials Technologies businesses, we remain confident in the tremendous growth opportunities to invest in our core industrial gases business."
About Air Products
Air Products (NYSE: APD) is a world-leading Industrial Gases company in operation for over 75 years. The Company's core industrial gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world's leading supplier of liquefied natural gas process technology and equipment.
The Company had fiscal 2016 sales of $7.5 billion from continuing operations in 50 countries and has a current market capitalization of approximately $30 billion. Approximately 16,000 employees are making Air Products the world's safest and best performing industrial gases company, providing sustainable offerings and excellent service to all customers. For more information, visit www.airproducts.com.
NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company's Form 10K for its fiscal year ended September 30, 2016.
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SOURCE Air Products