Packaging Corporation of America Announces Additional $200 Million Share Repurchase Authorization
February 25 2016 - 5:00PM
Business Wire
Packaging Corporation of America (NYSE: PKG) announced today
that its Board of Directors has authorized the repurchase of an
additional $200 million of the company’s outstanding common stock.
The company completed repurchases under its previously-announced
authorization earlier this month.
Repurchases may be made from time to time in open market or
privately negotiated transactions in accordance with applicable
securities regulations. The timing and amount of repurchases will
be determined by the company in its discretion based on factors
such as PCA’s stock price and market and business conditions.
Commenting on the additional authorization, Mark W. Kowlzan,
Chairman and Chief Executive Officer of PCA, said, “Our substantial
operating cash flow provides us with an excellent opportunity to
continue to repurchase shares and return value to our shareholders.
We have repurchased 3.6 million shares since our last repurchase
authorization was announced on July 21, 2015, including 1.9 million
shares since the beginning of 2016.”
PCA is the fourth largest producer of containerboard and
corrugated packaging products in the United States and the third
largest producer of uncoated freesheet paper in North America. PCA
operates eight paper mills and 93 corrugated products plants and
related facilities.
Some of the statements in this press release are forward-looking
statements. Forward-looking statements include statements about our
future intent to repurchase shares. Statements that contain words
such as “will,” “should,” “anticipate,” “believe,” “expect,”
“intend,” “estimate,” “hope,” or similar expressions, are
forward-looking statements. These forward-looking statements are
based on the current expectations of PCA. Because forward-looking
statements involve inherent risks and uncertainties, the plans,
actions and actual results of PCA could differ materially. Among
the factors that could cause plans, actions and results to differ
materially from PCA’s current expectations include the following:
the impact of general economic conditions; conditions in the paper
and packaging industries, including competition, product demand and
product pricing; fluctuations in wood fiber and recycled fiber
costs; fluctuations in purchased energy costs; the possibility of
unplanned outages or interruptions at our principal facilities; and
legislative or regulatory requirements, particularly concerning
environmental matters, as well as those identified under Item 1A.
Risk Factors in PCA’s Annual Report on Form 10-K for the year ended
December 31, 2014, filed with the Securities and Exchange
Commission and available at the SEC’s website at “www.sec.gov”.
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version on businesswire.com: http://www.businesswire.com/news/home/20160225006693/en/
Packaging Corporation of AmericaBarbara SessionsINVESTOR
RELATIONS: (877) 454-2509PCA Web Site: www.packagingcorp.com
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