IP to Repurchase $1.5 Billion of Additional Shares
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International Paper, Memphis, Tenn., USA, has authorized management to acquire up to $1.5 billion of additional shares of the company's common stock to supplement the $1.5 billion share repurchase program authorized in September 2013. The company intends to continue to repurchase such shares in open market repurchase transactions.
"Today's $1.5 billion expansion of our share repurchase program reflects our continued confidence in International Paper's strong, sustainable free cash flow generation," said John Faraci, chairman and CEO. "International Paper continues to be committed to a disciplined capital allocation strategy that reflects the importance of cash returns and maximizing value to our shareowners."
IP, a producer of consumer packaging and uncoated papers employs approximately 65,000 people and is strategically located in more than 24 countries serving customers worldwide. The company’s net sales for 2013 were $29 billion.
