International Paper boosts dividend, to buy back shares

NEW YORK, Sept 10 Tue Sep 10, 2013 4:49pm EDT

NEW YORK, Sept 10 (Reuters) - International Paper Co boosted its dividend 17 percent on Tuesday and announced a $1.5 billion stock buyback plan.

The quarterly dividend is being raised to 35 cents from 30 cents, payable on Dec. 16 to shareholders of record as of Nov. 15.

The company plans to buy back stock over the next two to three years.

Shares of Memphis, Tennessee-based IP have gained 24 percent so far this year.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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