Lincoln Electric Holdings, Inc. (LECO) will raise its quarterly dividend by 4.3 percent to $0.49 per share in 2019.

This will mark the 24th consecutive year of annual dividend increases by the welding products maker.

The next dividend is payable January 15, 2020 to shareholders of record at the close of business on December 31, 2019. A new annual rate of $1.96 per share yields 2.1% at a stock price of $91.89.

“The dividend increase reflects the strength of our balance sheet and strong cash generation through an economic cycle,” stated Christopher L. Mapes, Chairman, President and Chief Executive Officer. “We believe our balanced approach of investing in long-term growth while returning cash to shareholders generates superior value.”

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.