Ingredion (INGR) will raise its quarterly dividend by 4.2 percent to $0.625 per share in 2018. This marks the 8th consecutive year of annual dividend increases by the ingredient solutions provider.

The dividend is payable on October 25, 2018, to stockholders of record at the close of business on October 1, 2018. The new annual dividend of $2.50 per share yields 2.4% at a stock price of $104.00.

"Our Board and management team are confident in the company's long-term ability to generate solid cash flows and deliver value to shareholders," said Jim Zallie, Ingredion's president and CEO. "We intend to continue to leverage our strong balance sheet to invest in growing our specialties portfolio and we remain committed to strengthening our business model and returning cash to shareholders."

Ingredion Incorporated is a global ingredient solutions provider. The company is principally engaged in the production and sale of starches and sweeteners for a wide range of industries. Ingredion turns corn, tapioca, potatoes, grains, fruits, and vegetables into value-added ingredients and biomaterials for the food, beverage, paper and corrugating, brewing and other industries. The company's four reportable business segments are: North America, South America, Asia Pacific and Europe, Middle East, and Africa. Ingredion was incorporated as a Delaware corporation in 1997 and has paid a dividend every year since 1998.