Praxair (PX) will raise its quarterly dividend by 4.9 percent to $0.75 per share in 2016. This follows a 7 cent dividend hike to 72 cents per share quarterly by the industrial gas company last year.

Praxair has now increased its annual dividend for 23 consecutive years. Dividend growth has slowed down significantly this year compared to the last couple of years.

Praxair, Inc. Is an industrial gas company with activities in North and South America. The company’s primary products are atmospheric gases (oxygen, nitrogen etc) and process gases (carbon dioxide, helium hydrogen etc). The company also builds equipment that produces industrial gases. Praxair serves several industries, including healthcare, petroleum refining, manufacturing, food, beverage carbonation, fiber-optics, steel making, aerospace, chemicals and water treatment.