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US: Fortune Brands raises annual dividend

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The board of wines and spirits group Fortune Brands has approved an 8% increase in the annual dividend on the company's common stock.

The dividend will go up by US$0.12 per share to an annual rate of $1.56 (payable $0.39 per quarter), from $1.44 per share ($0.36 per quarter).

"In addition to delivering consistently strong operating performance, we see increasing the dividend as an important component in creating shareholder value," said Fortune Brands chairman and CEO Norm Wesley.

"This marks the tenth year in a row we've increased the dividend since the company began trading as Fortune Brands. Over that ten-year period, we've nearly doubled the dividend - a fact that reflects our commitment to using our financial strength to return immediate value to shareholders."

The next quarterly dividend is payable on 1 September to all shareholders of record as of the close of business on 9 August.

The company, which owns spirits brands such as Jim Beam and Maker's Mark, also declared a regular dividend of 66.75 cents per share on the US$2.67 Convertible Preferred Stock, payable in cash on 10 September to shareholders of record at the close of business on 9 August.


Sectors: Spirits, Wine

Companies: Fortune Brands

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