GLENVIEW, Ill. (AP) — Illinois Tool Works Inc. said Friday that its board has approved an increase in its quarterly dividend by 6 percent.

The tool maker will pay a dividend of 38 cents per share on Oct. 10 to shareholders of record as of Sept. 28. This is up from its most recent payment of 36 cents per share.

Illinois Tool Works is a 100 year-old company based in Glenview, Ill., and makes specialty equipment.

Its shares increased $1.95, or 3.6 percent, to $55.63 in late afternoon trading Friday.