NEW YORK, Sept 10 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.
"As our cash generation increased we felt it was appropriate
to revisit the dividend," Chief Financial Officer Carol Roberts
said in an interview.
The company plans to buy back stock over the next two to
International Paper last raised its dividend in the fourth
quarter of 2012.
Shares of Memphis, Tennessee-based International Paper rose
1.7 percent to $50.10 in after-hours trading. The stock is up 24
percent so far this year.