International Paper announces $2 billion share repurchase program
International Paper announced its Board of Directors has authorized a share repurchase program to acquire up to $2 billion of the company’s common stock. The new authorization is in addition to $430 million remaining as of the end of the 3Q from a previous repurchase program.
During the 3Q the company repurchased approximately $200 million in common stock at an average price of $52.03 per share. The company intends to continue repurchasing such shares in open market transactions.
The company’s Board of Directors also raised the quarterly common stock dividend by $0.025 per share or 5.3%, which brings the per share dividend to $2.00 annually.
“The repurchase authorization and the dividend increase reflect our continued confidence in International Paper’s long-term outlook and strong free cash flow generation,” said Mark Sutton, Chairman and CEO. “Today’s announcement is part of our commitment to return cash to shareholders through systematic share repurchases and a sustainable dividend policy.”
International Paper is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, Russia and India.
Source: Lesprom Network