Johnson Controls to split stock, raise payout

CHICAGO, Nov 19 (Reuters) - Johnson Controls Inc. , the fourth-largest U.S. auto parts maker, on Wednesday said its board approved a two-for-one split of the company's shares and a 25-percent increase in the dividend.

The quarterly dividend was raised to 45 cents from 36 cents, bringing the annual payout to 90 cents on a post-split basis. The increase marks the 29th consecutive year in which Johnson Controls has boosted its dividend, which it has paid since 1887.

The dividend increase and two-for-one stock split will be effective Jan. 2 for shareholders of record Dec. 12.

Shares of Milwaukee-based Johnson Controls were 59 cents higher at $105.23 in early afternoon trading on the New York Stock Exchange.