Memphis, Tennessee, USA, 29 March 2011 -- /PRNewswire/ -- International Paper (NYSE: IP) announced today that its board of directors has approved an increase in its quarterly common stock dividend, from 18 and three quarter cents (USD 0.1875) per share to 26 and one quarter cents (USD 0.2625) per share, effective for the dividend payable on 15 June 2011, to shareholders of record on 17 May 2011.
"This third dividend increase over the last 12 months raises our dividend above prerecession levels," said John Faraci, chairman and chief executive officer. "This increase reflects our confidence in the future of International Paper and our commitment to return cash to shareholders."
The company declared a regular quarterly dividend of USD 0.2625 per share for the period from 01 April 2011, to 30 June 2011, inclusive, on its common stock, par value USD 1. This dividend is payable on 15 June 2011, to shareholders of record at the close of business on 17 May 2011.
The company also declared a regular quarterly dividend of USD 1 per share for the period from 01 April 2011, to 30 June 2011, inclusive, on the cumulative USD 4 preferred stock of the company. This dividend is also payable on 15 June 2011, to shareholders of record at the close of business on 17 May 2011.
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 59,500 people in more than 24 countries and serves customers worldwide. Net sales for 2010 were more than USD 25 billion. For more information about International Paper, its products, and stewardship efforts, visit internationalpaper.com.