Corning Sees Capital Deployment Of Over $20 Billion Until 2019

Corning Incorporated GLW Chairman, CEO, and President, Wendell Weeks, said that the company expects to deploy over $20 billion until the year 2019. According to the company, it would invest $10 billion to grow, as well as sustain its leadership. He was speaking at the annual meeting of the shareholders on Thursday morning.

Corning also indicated its intention of distributing over $10 billion to the shareholders by way of increased dividend annually, as well as through the buyback of its shares. The CEO said the company was healthy financial and expressed the confidence in its ability to deliver sustainable growth apart from continuing to create value for its shareholders.

Weeks also expressed the confidence that the company could resume its growth as the year progressed. He continued, "Meanwhile, we are generating strong, consistent operating cash flow, which allows us to reward our shareholders and invest in our future," he said.

Corning CEO said, "We are executing on our plans." The company pointed out it completed a $1.25 billion accelerated stock buyback program in January and bought back an additional $751 million of outstanding shares during the first quarter. Corning's board also approved a 12.5 percent quarterly dividend.

Weeks said, "Key trends are driving long-term growth across today's businesses, and our capabilities are becoming increasingly vital to a broad range of applications."

On Thursday, shares of the company traded down 1.22 percent.