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Lancaster Colony (LANC) will raise its quarterly dividend by 8.7 percent to $0.50 per share. Also a $5.00 per share special dividend was announced by the specialty food products maker.

Both dividends are payable on December 31, 2015 to stockholders of record at the close of business on December 9, 2015.  It's the 53rd consecutive year of dividend increases for Lancaster Colony.

Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice markets. Lancaster Colony is the parent of the T. Marzetti Company. The company's brands include Marzetti (salad dressings and dips), New York Brand (frozen garlic breads and croutons), Sister Schubert’s (homemade rolls) and Flatout (flatbread wraps). Lancaster Colony went public in 1969, the same year the company entered the specialty foods business with the purchase of the T. Marzetti Company. The company has paid consecutive quarterly dividends since 1963.