Benzinga | Oct 13, 2021 01:38PM EDT

International Paper Plans $2B Share Buyback; Slashes Dividend By 9.8%

* International Paper Co (NYSE:IP) board of directors has approved a share repurchase program to acquire up to $2 billion of the company's common stock.

* The new authorization is in addition to $1.3 billion remaining as of Q3 end from a previous repurchase authorization.

* The company's board of directors also decreased the quarterly dividend by $0.05 per share or 9.8%, bringing the per-share dividend to $1.85 annually.

* The dividend is being decreased by 9.8% from $0.5125 to $0.4625 per share for the period October 1 - December 31, inclusive, on the company's common stock, par value $1.00. This dividend is payable on December 15, 2021, to record holders on November 15, 2021.

* The company's board also declared a regular quarterly dividend of $1.00 per share for the October 1-December 31 period, inclusive, on the cumulative $4.00 preferred stock.

* Price Action: IP shares closed lower by 0.02% at $55.74 on Tuesday.