Sep 10, 2013. /Lesprom Network/. International Paper announced its Board of Directors has authorized a share repurchase program to acquire up to $1.5 billion of the company's common stock. The company intends to repurchase such shares over the next 2-3 years in open market repurchase transactions, as the company said in the press release received by Lesprom Network.

"The authorization of this repurchase program and the dividend increase reflect our continued confidence in International Paper's long-term profitability and sustainable free cash flow generation," said John Faraci, Chairman and CEO. "International Paper continues to be committed to a balanced use of cash in a way that maximizes value to our shareowners."

International Paper 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, complemented by xpedx, the company's North American distribution company.