General Mills this week declared a quarterly dividend of 44 cents per share, up 7 percent from 41 cents per share last quarter.

The Golden Valley-based company and its predecessor firm have paid dividends without interruption or reduction for 116 years. Over Mills' last five fiscal years, its quarterly dividend has been increased six times.

"We see dividend growth as a key component of our our long-term shareholder return model," General Mills CEO Ken Powell said in a statement.

The dividend is payable May 1 to shareholders of record on April 10, 2015.

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