, a producer of specialty paints, protective coatings and roofing systems for the industrial and consumer markets, said Thursday that its board increased the quarterly cash dividend 9.4% from the previous quarter to 17.5 cents a share. The dividend is payable Oct. 31, to shareholders of record Oct. 20.
The Medina, Ohio-based company said that the shareholders also re-elected four class II board members to three-year terms expiring in 2009: Bruce A. Carbonari, James A. Karman, Donald K. Miller and Joseph P. Viviano.
"Given RPM's strong business outlook and the declining impact of asbestos litigation, today's increase of our dividend to $0.70 annually reflects our intent to more aggressively grow our dividend going forward," the company said.
In a separate release, the company said that it has elected Ronald A. Rice as executive vice president and chief operating officer.
Shares of RPM closed up 8 cents, or 0.4%, to $18.79 Thursday.
This story was created through a joint venture between TheStreet.com and IRIS.