Corning Inc. (NYSE: GLW) said it will more than double spending this year in order to generate annual sales of $10 billion by 2014.

Corning shares are up about 1 percent in mid-day trading.

The stock has surged almost 40 percent since late last summer.

Specifically, capital spending will rise to between $2.4 billion and $2.7 billion this year, versus $1 billion in 2010.

The company posted sales of $6.6-billion last year.

Demand for the company’s glass (which are used in LCD screens on TVs, computer monitors and other electronic products) has been rising since late last year. Corning’s scratch-resistant Gorilla Glass, which are used in smartphone and tablet computers, is widely expected to catalyze more growth for the company.

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