International
Paper today announced its board of directors has 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 today, 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 Chief Executive
Officer. "International Paper continues to be committed to a
balanced use of cash in a way that maximizes value to our shareowners."
