Memphis, Tennessee, USA, 26 April 2010 -- /PRNewswire/ -- International Paper (NYSE: IP) announced today that its board of directors has approved an increase in its quarterly common stock dividend from USD 0.025 per share to USD 0.125 per share, effective for the dividend payable 15 June 2010, to shareholders of record on 17 May 2010.
"The dividend increase reflects improving global economic conditions, increasing demand for IP's products, and our outlook for free cash flow," said John Faraci, cairman and CEO. "The dividend increase is also an important component of creating value for our shareholders."
The company declared a regular quarterly dividend of USD 0.125 per share for the period from 01 April 2010 to 30 June 2010, inclusive, on its common stock, par value USD 1.00. This dividend is payable on 15 June 2010, to holders of record at the close of business on 17 May 2010.
The company also declared a regular quarterly dividend of USD 1.00 per share for the period from 01 April 2010 to 30 June 2010, inclusive, on the cumulative USD 4.00 preferred stock of the company. This dividend also is payable on 15 June 2010, to holders of record at the close of business on 17 May 2010.
International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia, and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tennessee, the company employs about 56,000 people in more than 20 countries and serves customers worldwide. Net sales in 2009 were more than USD 23 billion. For more information about International Paper, its products, and stewardship efforts, visit http://internationalpaper.com.