Business

Mass. Movers

Mac-Gray raises its dividend 45 percent

Mac-Gray manages laundry rooms nationwide and sells equipment to laundromats.
Yoon S. Byun/Globe Staff/File 2012
Mac-Gray manages laundry rooms nationwide and sells equipment to laundromats.
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Waltham-based Mac-Gray Corp.’s board approved a 45 percent increase in the quarterly dividend on the company’s common stock, to 35 cents per share on an annualized basis. Mac-Gray also said it expects revenue of $322 million for 2012, flat with 2011. Mac-Gray derives its revenue principally through the contracting of laundry facilities in multi-unit housing facilities such as apartment buildings, university residence halls, condominiums, and public housing complexes.