Packaging Corporation of America
Lake Forest, Illinois, USA, 04 December 2008 -- (BUSINESS WIRE) -- Packaging Corporation of America (NYSE: PKG) announced that its board of directors approved a regular quarterly dividend of USD 0.30 per share on its common stock, which will be paid to shareholders of record as of 15 December 2008, on 15 January 2009.
PCA also announced that business conditions have continued to be weaker during the fourth quarter, and demand for containerboard and corrugated products is significantly lower than expected entering the quarter. As a result, PCA currently expects that approximately 90,000 tons of market-related mill downtime will be required in the fourth quarter. Through 30 November, about half of the downtime has occurred, and the remaining half is scheduled throughout December. With lower demand and higher than anticipated downtime, PCA expects fourth quarter earnings to be below the company's previous guidance of USD 0.35 per share.
PCA (www.packagingcorp.com) is the fifth largest producer of containerboard and corrugated packaging products in the United States with sales of USD 2.3 billion in 2007. PCA operates four paper mills and 67 corrugated product plants in 26 states across the country.