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McCormick & Co. (MKC)

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McCormick ups dividend by 11%

23 Nov 11

LONDON (ShareCast) - Spice and seasonings maker McCormick has approved an 11% quarterly dividend increase, marking the 26th consecutive year of increased payouts.

The US company will pay shareholders 31 cents per share compared to the previous 28 cents. The increase in the dividend will cost the firm an extra $14.4m per year.

"Each year since 1925, McCormick shareholders have participated in the company's success through dividend payments. We are delivering high performance and in the past decade, have increased the dividend at an 11% compound annual growth rate, said chairman, president and chief executive officer Alan Wilson.

In September, McCormick reported a 10% earnings decline for the third quarter due to higher material costs and a year-earlier tax benefit.

The group signalled that it will continue to raise prices and reduce costs while stepping up efforts in emerging markets.

McCormick closed at $47.31 yesterday and is up 6.8% so far this year.


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Market Data

Currency US Dollars
52 Week High $173.52
52 Week Low $121.78
Shares Issued 122.46m
Market Cap $21,127m


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