The Board of Directors of Ecolab Inc. today increased the company’s quarterly cash dividend by 11% to $0.155 per common share, to be paid January 15, 2010, to shareholders of record at the close of business on December 15, 2009. This results in a new indicated annual cash dividend of a record $0.62 per share for 2010, and represents Ecolab’s 18th consecutive annual dividend rate increase.
“We continued our record of consecutive annual cash dividend increases, reflecting our expected attractive 2009 pro forma earnings performance, good cash flows and solid balance sheet. Ecolab remains a strong company with a strong future, and this action reflects our equally strong commitment to improving shareholder returns.”--quote from CEO Douglas Baker
The dividend increase was announced Thursday (12/3). Ecolab (ECL)--$45.24 is about 10% off my price target of $50.