Corning increases quarterly dividend

CORNING, N.Y. -- Corning Inc. said Wednesday that it is increasing its quarterly dividend by 20 percent.

The glass and ceramics company will pay a dividend of 9 cents Dec. 14 to shareholders of record Nov. 16. That's up from its most recent dividend of 7.5 cents per share.

CEO Wendell Weeks said that the company's strong cash flow and lower capital spending give Corning the financial flexibility to make the move. He said it will continue to invest in its research and development to help grow the company.

Shares of the Corning, N.Y.-based company increased 21 cents to $13.45 in afternoon trading.