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Thor Industries increases dividend by 28 percent

ELKHART, Ind. (AP) -- Thor Industries Inc. said Friday that it is increasing its quarterly dividend by nearly 28 percent.

The company, which is one of the world's largest makers of recreational vehicles, plans to pay a dividend of 23 cents per share on Oct. 28 to shareholders of record at Oct. 18. This is up from its most recent quarterly dividend of 18 cents per share.

Thor said the move reflects its pattern of returning cash to shareholders and its confidence in its future.

The company, based in Elkhart, Ind., reported last month that its fourth-quarter profit jumped 31 percent on improved sales of RVs. The company also makes commercial buses but announced in July that it is selling that business to Allied Specialty Vehicles for $100 million.

The company said Friday that when it receives proceeds from that deal, which is expected to close Nov. 1, it will have approximately $6 per share in total cash to use to pay dividends or fund any special dividends or share repurchases.

Shares of the company added 23 cents to close at $57.92 Friday.