Lincoln Electric Holdings (LECO) will raise its quarterly dividend by 20.5 percent to $0.47 per share in the fourth quarter of 2018. This will mark the 23rd consecutive year of annual dividend increases by the welding products maker.

The increased dividend is payable January 15, 2019 to shareholders of record at the close of business on December 31, 2018. The ex-date for this next dividend of 47 cents is December 28. The new $1.88 per share annualized dividend yields 2.2% at a stock price of $86.92.

“We are pleased to further increase capital returns to our shareholders while investing in long-term growth and operational excellence,” stated Christopher L. Mapes, Chairman, President and Chief Executive Officer. “The increase reflects the Board’s confidence in our solid cash flow generation through an economic cycle.”

Lincoln Electric Holdings, Inc. is a manufacturer of arc welding products, robotic arc welding systems, plasma and oxy-fuel cutting equipment and has a leading global position in the brazing and soldering alloys market. The three operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Lincoln Electric Company began operations in 1895 and was incorporated under the laws of the State of Ohio in 1906. During 1998, The Lincoln Electric Company reorganized into a holding company structure, and Lincoln Electric Holdings, Inc. became the publicly-held parent of Lincoln Electric subsidiaries worldwide, including The Lincoln Electric Company.