International Flavors & Fragrances (IFF) will raise its quarterly dividend by 2.7 percent to $0.75 per share in 2019. This marks the 17th consecutive year of annual dividend increases by IFF.

The next dividend is payable on October 4, 2019 to shareholders of record as of September 23, 2019. A new annual rate of $3.00 per share yields 2.5% at a stock price of $121.

“To reflect our confidence in our long-term strategy and strong cash flow generation, we are pleased to announce we are raising our quarterly dividend. This marks a decade of consecutive dividend increases and underscores our future growth prospects and strong financial position,” said Andreas Fibig, IFF Chairman and CEO.

International Flavors & Fragrances Inc. creates, manufactures and supplies flavors and fragrances for the food, beverage, personal care, and household products industries. Its products are sold to manufacturers of perfumes and cosmetics, hair and other personal care products, soaps and detergents, meat and other processed foods, beverages, snacks and savory foods, sweet and baked goods, and pharmaceutical and oral care products, among others.