Celanese Corporation announced that its board of directors has approved a 10 percent increase in the company’s quarterly common stock cash dividend.

The dividend increase from $0.62 to $0.68 per share of common stock on a quarterly basis and from $2.48 to $2.72 per share of common stock on an annual basis. The new dividend rate will be effective immediately.

“We accelerated the typical timing of the increase to our quarterly dividend this year in light of anticipated earnings growth in 2021 and the strength of our cash generation. We intend to continue growing our quarterly dividend in line with future earnings growth as a foundational component of our total shareholder value creation,” said Lori Ryerkerk, chairman and chief executive officer.

The company also declared a quarterly cash dividend of $0.68 per share on its common stock, payable on February 23, 2021 to stockholders of record as of February 9, 2021.