Rexnord Corporation (RXN) will raise its quarterly dividend by 12.5 percent $0.09 per share in 2021.

The next dividend is payable in cash on March 8, 2021 to stockholders of record as of February 19, 2021. A new annual dividend rate of 36 cents will yield 0.9% at a stock price of $41.85.

Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic platforms, Process & Motion Control and Water Management, with approximately 6,600 employees worldwide. The Process & Motion Control platform designs, manufactures, markets and services specified, highly-engineered mechanical components used within complex systems. The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation.