Illinois Tool Works (ITW) will reward shareholders with a cash dividend this quarter, its directors have confirmed.
The New York-listed company, which owns brands such as Hobart, Foster and Bonnet, has declared a regular quarterly cash dividend of $0.36 cents (£0.22) per share or $1.44 cents (£0.89) per share on an annual basis.
It said the dividend will be paid on July 10th 2012 to stockholders of record.
ITW’s food service equipment division is one of eight operations that the company manages. There are almost a dozen brands within the equipment side of the business.
Last month ITW revealed that organic sales in Europe slipped 1% during the quarter, but 7% organic growth in North America and the contribution of recent acquisitions meant revenues tipped the $4.5 billion (£2.8 billion) mark.
This year marks ITW’s 100th anniversary.