Tredegar Corp (TG) will increase its quarterly dividend by 9.1 percent to 12 cents per share. This marks the first dividend hike since 2015 for the packaging company.

The next dividend is payable on October 1, 2019 to shareholders of record at the close of business on September 13, 2019. A new annual rate of 48 cents yields 3% at a stock price of $16.

Tredegar Corporation is a manufacturer of plastic films and aluminum extrusions. A global company headquartered in Richmond, Virginia, Tredegar had 2018 sales of $1 billion. With approximately 3,100 employees, the company operates manufacturing facilities in North America, South America, Europe, and Asia.