RPM International (RPM) will raise its quarterly dividend by 9.4 percent to $0.35 per share in 2018, marking the 45th consecutive year of annual dividend increases. Last year RPM hiked its dividend by 6.7 percent.

The increased dividend is payable on October 31, 2018, to stockholders of record as of October 16, 2018. The ex-date for this next dividend of 35 cents per share is October 15, 2018. The new annual dividend of $1.40 per share yields 2.3% at a stock price of $60.25 for RPM.

“Annually increasing our cash dividend is one of the primary ways we deliver value to our shareholders,” stated Frank C. Sullivan, chairman and chief executive officer. “It is key to our ability to consistently drive long-term growth and outperform the cumulative total return of the broader market.”

RPM International Inc. is a manufacturer of specialty coatings, sealants, building materials and related services. The company's four reportable segments are Construction Products, Performance Coatings, Consumer and Specialty Products. RPM's brands include API, Carboline, CAVE, DAP, Day-Glo, Dri-Eaz, Dryvit, Euclid, EUCO, Fibergrate, Flecto, Flowcrete, Grupo PV, Hummervoll, illbruck, Mohawk, Rust-Oleum, Stonhard, TCI, Toxement, Tremco, Tuf-Strand, Universal Sealants, Viapol, Watco and Zinsser. RPM was founded in 1947 and typically pays its quarterly dividends on the 31st of July, October and January and the 30th of April.