International Paper Co (IP)

[Enterprising Investor]

International Paper Announces Additional $1.5 Billion Share Repurchase Authorization (7/09/14)

Declares Quarterly Cash Dividend

MEMPHIS, Tenn., July 8, 2014 /PRNewswire/ -- International Paper (NYSE: IP) today announced its board of directors 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 Chief Executive Officer. "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."

Also today, the company declared a quarterly dividend of $0.35 per share for the period from July 1, 2014, to September 30, 2014, inclusive, on its common stock, par value $1.00. This dividend is payable on September 15, 2014, to holders of record at the close of business on August 15, 2014. In addition, the company declared a regular quarterly dividend of $1.00 per share for the period from July 1, 2014, to September 30, 2014, inclusive, on the cumulative $4.00 preferred stock of the company. This dividend is also payable on September 15, 2014, to holders of record at the close of business on August 15, 2014.

About International Paper
International Paper (NYSE: IP) is a global leader in 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. Headquartered in Memphis, Tenn., the company employs approximately 65,000 people and is strategically located in more than 24 countries serving customers worldwide. International Paper net sales for 2013 were $29 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.

Repurchases of the company's common stock may be made from time to time in open market transactions (including block trades), privately negotiated transactions or otherwise. The timing, manner, price and amount of repurchases will be determined by the company in its discretion based on factors including the market price of the company's common stock, general economic and market conditions and applicable legal requirements. No time limit was set for the completion of this new repurchase authorization, and the program may be commenced, suspended or discontinued at any time.

http://www.prnewswire.com/news-releases/international-paper-announces-additional-15-billion-share-repurchase-authorization-266282241.html