Snap-on (SNA) will raise its quarterly dividend by 15.5 percent to $0.82 per share in the fourth quarter of 2018. This marks the company 8th consecutive year of dividend increases.

The dividend will be paid on December 8, 2017 to shareholders of record on November 17, 2017. The new dividend yield for SNA is 2.1%.

“Snap-on’s dividend is an essential component of our approach to capital allocation, as demonstrated by our payment of consecutive quarterly cash dividends, without interruption or reduction, since 1939,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “This eighth consecutive annual dividend increase reflects our ongoing strong financial position and robust cash generation which enable us in returning capital to our shareholders and in continuing to strategically invest, both organically and through acquisitions, along our defined runways for growth and improvement.”

Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products and support its franchise business. Snap-on’s largest geographic markets include the United States, Europe, Canada and Asia/Pacific and its products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Snap-on was founded in 1920 and is headquartered in Kenosha, Wisconsin. The company has paid quarterly cash dividends without interruption or reduction since 1939.