The board of US spice maker McCormick has approved a cash dividend of US$0.26 per common share.

The dividend, announced yesterday (22 June), will be payable on 20 July to common stockholders of record as of 6 July.

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The board also authorised a new share repurchase programme under which it is authorised to purchase up to $400m of its outstanding shares.

Following the acquisition of Lawry’s in 2008, McCormick said it has made “steady progress” in reducing the related debt and expects to increase the pace of share repurchase toward the end of fiscal year 2010.

McCormick chairman, president and CEO, Alan Wilson said: “During the past five years, we have returned more than $1bn of cash to our shareholders through dividends and share repurchases. Today’s actions reflect our outlook for the continued growth of our business as well as our commitment to provide cash returns to our shareholders.”

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