Air Products

Air Products is one of the world's largest industrial gas companies, supplying oxygen, nitrogen, hydrogen and helium to refiners, chemical makers, electronics manufacturers and hospitals. Much of its revenue comes from long-term contracts with on-site plants built next to customers, an arrangement that produces stable, inflation-protected cash flow and high barriers to entry. The company has a long record as a dependable dividend payer, raising its distribution for decades on the back of that contracted, recurring income. A steadily growing, well-covered payout backed by a defensive business model is the core of its appeal, though ambitious spending on large hydrogen projects has drawn scrutiny. On balance it offers a reliable, above-average dividend with a solid, long-standing history.