RTTNews | Oct 12, 2021 06:28PM EDT

18:27 Tuesday, October 12, 2021 (RTTNews.com) - Tennessee-based renewable fiber-based packaging solution manufacturers, International Paper Company (IP) announced on Tuesday that the company board has authorized a share repurchase program worth $2 billion. The company has also decreased the quarterly dividends by 9.8%.

The company already has $1.3 billion remaining on another repurchase program as of the third-quarter report. The repurchase will be done at the open-market price of the shares.

IP also announced that it will cut down on the quarterly dividends to $0.4625 from $0.5125. Annually, the amount of per share dividend will be $1.85.

Mark Sutton, Chairman and Chief Executive Officer, said, "Today's announcement reflects our confidence in International Paper's long-term outlook and strong free cash flow generation. We are committed to a competitive and sustainable dividend of 40 to 50% of free cash flow. The dividend adjustment we are making is consistent with our dividend policy and is well below the 15 to 20% adjustment we anticipated when we announced the spin-off of our printing papers business late last year."

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