Graco Inc. (GGG) will raise its quarterly dividend by 12 percent to 21 cents per share in 2021. This follows a dividend hike of 7.1 percent to $0.1875 per share in 2021 and marks 25 consecutive years of increased dividends by the industrial company.

Graco now pays an estimated $143 million in dividends to shareholders annually. The last double digit dividend hike was announced 3 years ago by the company with a 20.8 percent increase. The average dividend growth rate in the last five years now stands at 11.8 percent annually.

Graco Inc. supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. The company designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and powder materials. Minneapolis-based Graco serves customers around the world in the manufacturing, processing, and construction and maintenance industries. Graco was originally founded by Russell and Leil Gray as Gray Company in 1926 and has paid a dividend every year since at least 1991.