Greif Inc (GEF) will raise its quarterly dividend by 4.8 percent to $0.44 per share in the third quarter of 2018. This is the company's first dividend increase since 2010.

The dividend is payable on October 1, 2018, to shareholders of record at the close of business on September 17, 2018. The new annual dividend yields 3.2% at a stock price of $55.70.

"We are pleased that our Board of Directors approved this action, based on our confidence in the current and anticipated future strength of our cash generating capability and strong financial position,” said Larry Hilsheimer, Executive Vice President and Chief Financial Officer. "We believe this action reflects our commitment to shareholder returns, the strength of our capital structure and liquidity profile."

Greif, Inc. is a producer of industrial packaging products and services. The company produces steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, flexible products, containerboard and packaging accessories and provides filling, packaging and other services for a wide range of industries. Greif also manages timber properties in the southeastern United States.