The board of directors of McCormick & Company has declared a 10% increase in the quarterly dividend from US$0.20 to $0.22 per share on its common stocks.

Robert J. Lawless, chairman and CEO said: "In 2007, we have made great progress with our key growth initiatives and our restructuring program. As a result, both sales and profits are on track with our financial goals, and we expect 2007 to be a record year for the company.

"Dividends are an important way to build value for our shareholders. As we grow the business, we continue to be committed to increasing the dividend. As we look ahead to 2008, we anticipate continued success and outstanding returns for our shareholders."

The spices company said that it has paid dividends every year since 1925 and has increased the dividend in each of the last 21 years.