Packaging Corp. of America Announces Dividend Increase
Feb. 22, 2012 - Packaging Corporation of America said that it intends to increase the quarterly cash dividend on its company stock from an annual payout of $0.80 per share to $1.00 per share.
The first quarterly dividend of $0.25 per share will be paid on April 13, 2012 to shareholders of record as of March 15, 2012. Future declaration of quarterly dividends, and the establishment of future record and payment dates are subject to the final determination of PCA’s Board of Directors.
"Today’s announcement of a 25% common stock dividend increase, combined with our $150 million share repurchase authorization announced in December, reflects both our commitment to return value to our shareholders and the overall operating and financial strength of the company,” said Mark W. Kowlzan, Chief Executive Officer of PCA.
PCA is the fourth largest producer of containerboard and corrugated packaging products in the United States with sales of $2.6 billion in 2011. PCA operates four paper mills and 71 corrugated product plants in 26 states across the country.