IP Announces $1.5 Billion Share Repurchase Program
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International Paper (IP), Memphis, Tenn., USA, this week authorized a share repurchase program to acquire up to $1.5 billion of the company's common stock. The company intends to repurchase such shares over the next 2-3 years in open market repurchase transactions. Also this week, the company announced its board of directors is raising the company's quarterly dividend by 17%.
"The authorization of this repurchase program and the dividend increase reflect our continued confidence in International Paper's long-term profitability and sustainable free cash flow generation," said John Faraci, chairman and CEO. "International Paper continues to be committed to a balanced use of cash in a way that maximizes value to our shareowners."
IP is a global producer of packaging and paper with manufacturing operations in North America, Europe, Latin America, Russia, Asia, and North Africa. Its businesses include industrial and consumer packaging and uncoated papers, complemented by xpedx, the company's North American distribution company. The company employs some 70,000 people and is strategically located in more than 24 countries serving customers worldwide. IP's net sales for 2012 were $28 billion.
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