Ecolab (ECL) will raise its quarterly dividend by 2.2 percent to $0.47 per share in 2019. This follows a double digit dividend hike by the Dividend Aristocrat in the previous two years and also is the smallest dividend increase by the company in more than a decade.

The next dividend will be paid January 15, 2020, to shareholders of record at the close of business on December 17, 2019. A new annual rate of $1.88 per share yields 1.0% at a stock price of $186.41.

Commenting on the increase, Douglas M. Baker, Jr., Ecolab’s Chairman and Chief Executive Officer said, “The cash dividend increase continues our commitment to enhancing total shareholder returns through both our strong business performance and returning cash to shareholders. This smaller than typical increase for 2020 reflects the anticipated impact the planned spin-off of our upstream energy business will have on our earnings. We intend to continue increasing the cash dividend going forward and do so in a manner that maintains our post spin-off payout ratio at our historic levels.”

Ecolab Inc. provides water, hygiene and energy technologies and services. The company's cleaning and sanitizing programs and products, and pest elimination services, support customers in the foodservice, food and beverage processing, hospitality, healthcare, government and education, retail, textile care and commercial facilities management sectors. Ecolab's products are also used in water treatment, pollution control, energy conservation, oil production and refining, primary metals manufacturing, papermaking, mining and other industrial processes. Ecolab was incorporated in 1924 and has paid cash dividends on its common stock since 1936.