LEHIGH VALLEY, Pa., Jan. 23, 2020 /PRNewswire/ -- The Board of Directors of Air Products (NYSE: APD) has increased the quarterly dividend on the company's common stock by 18 cents per share—from $1.16 to $1.34 per share—representing the largest dividend increase in the company's history.
The dividend is payable on May 11, 2020 to shareholders of record at the close of business on April 1, 2020.
Air Products Chairman, President and Chief Executive Officer Seifi Ghasemi said, "The Board's decision to increase the dividend by over 15 percent reflects continued confidence in Air Products' strong financial position and cash flows. In fiscal 2019, we paid nearly $1 billion dollars of dividends to our shareholders while still having significant distributable cash flow for high return industrial gas investments. We want to continue creating shareholder value through increasing dividends and strategic capital deployment."
This marks the 38th consecutive year that Air Products has increased its dividend payment.
About Air Products
Air Products (NYSE: APD) is a world-leading industrial gases company in operation for nearly 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals.
The Company had fiscal 2019 sales of $8.9 billion from operations in 50 countries and has a current market capitalization of about $50 billion. More than 17,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world. For more information, visit www.airproducts.com.
SOURCE Air Products