MSA Safety (MSA) will raise its quarterly dividend by 2.4 percent to 43 cents per share in 2020. Last year the safety products maker hiked its dividend 10.5 percent to $0.42 per share, marking 53 consecutive years of annual dividend increases.

The next dividend will be payable June 10, 2020 to shareholders of record on May 22, 2020. A new annualized dividend rate of $1.72 per share yields 1.5% at a stock price of $118.

"In this uncertain economic environment, managing liquidity is a key pillar of our comprehensive pandemic response plan," said Kenneth Krause, MSA Senior Vice President and Chief Financial Officer in the company's press release dated May 12, 2020 announcing this dividend hike.  "While COVID-19 has created challenges in the near term within employment-based industrial PPE products, our diversified portfolio and strong balance sheet position MSA well to maintain our balanced capital allocation strategy," he added.

In today's press release Mr. Krause noted that the priorities under that strategy remain unchanged, and include continued investments in growth and productivity programs, funding a dividend and repurchasing shares to offset dilution, all while maintaining an investment-grade balance sheet. "Today's dividend increase is part of this balanced approach and reflects MSA's long-standing commitment of returning value to shareholders," he said.

MSA Safety Incorporated is engaged in the development, manufacture and supply of safety products that protect people and facility infrastructures against hazardous or life-threatening situations. The company's product line is used by workers in a broad range of markets, including the oil, gas and petrochemical industry, fire service, construction, industrial manufacturing applications, utilities, mining and the military. MSA's core products include breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel and fall protection devices. MSA, formerly known as Mine Safety Appliances, was established in 1914 and has been paying a dividend for over a hundred years.