June 30, 2009 (FinancialWire) — The board of General Mills, Inc. (NYSE: GIS) has declared a four cent increase in the company’s quarterly dividend rate, to $0.47 per share. The dividend is payable August 3 to shareholders of record July 10.

General Mills said that its new annualized dividend rate of $1.88 per share represents a nine percent increase over dividends of $1.72 per share paid in fiscal 2009.

company CEO and chairman Ken Powell said, “The 9 percent dividend increase announced TODAY is a reflection of our company’s robust financial condition and excellent future growth prospects.”

Based on the June 29 closing price of $55.84 for General Mills common shares, the new annualized dividend rate of $1.88 represents a yield of 3.4 percent.

Minneapolis-based General Mills is a food company that owns brands including Betty Crocker, Häagen-Dazs, Pillsbury, Green Giant, Old El Paso and Cheerios.

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