RTTNews | Sep 22, 2021 09:11AM EDT

09:11 Wednesday, September 22, 2021 (RTTNews.com) - Weyerhaeuser Co. (WY) announced Wednesday that its board of directors declared an interim supplemental dividend of $0.50 per share on the common stock of the company, payable in cash on October 19, 2021, to holders of record of such common stock as of the close of business on October 5, 2021.

Additionally, the board has authorized a new share repurchase program of up to $1 billion of the company's common shares. This program replaces the existing $500 million share repurchase program authorized in February 2019.

The repurchases under the new program may be made through a variety of methods, including open market purchases, unsolicited or solicited privately negotiated transactions, tender offer, block trades, accelerated share repurchase transactions, or pursuant to 10b5-1 trading plans.

Looking ahead, the company expects to pay the entirety of its supplemental dividend on an annual basis in the first quarter, consistent with its dividend framework. It is looking forward to pay a meaningful supplemental dividend in the first quarter of 2022.

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