Amcor Rigid Plastics expands its relationship with long-time customer Campbell Soup Co. with the opening of an on-site bottle manufacturing operation in Paris, Texas. Amcor’s new in-line operation is expected to produce approximately 50 million hot-fillable polyethylene terephthalate (PET) bottles each year. Campbell’s increased access to packaging will also deliver sustainability benefits including reduced freight costs and carbon emissions, and enhanced operational efficiencies. “We’re excited about establishing this on-site operation because it expands our long-time strategic partnership with Campbell’s and gives us an opportunity to better serve a key strategic customer,” said Larry Weber, Vice President and General Manager of Amcor’s North American beverage business unit. click Read More below for additional detail
International Paper (NYSE: IP) today announced its board of directors has authorized a share repurchase program to acquire up to $2.0 billion of the company’s common stock. The new authorization is in addition to $430 million remaining as of the end of the third quarter from a previous repurchase program. During the third quarter the company repurchased approximately $200 million in common stock at an average price of $52.03 per share. The company intends to continue repurchasing such shares in open market transactions. The company’s board of directors also raised the quarterly common stock dividend by $0.025 per share or 5.3%, which brings the per share dividend to $2.00 annually.
“The repurchase authorization and the dividend increase reflect our continued confidence in International Paper’s long-term outlook and strong free cash flow generation,” said Mark Sutton, Chairman and Chief Executive Officer. “Today’s announcement is part of our commitment to return cash to shareholders through systematic share repurchases and a sustainable dividend policy.”
The dividend is being increased 5.3% from $0.475 to $0.50 per share for the period from October 1, 2018, to December 31, 2018, inclusive, on the company’s common stock, par value $1.00. This dividend is payable on December 14, 2018, to holders of record at the close of business on November 15, 2018. The company’s board of directors also declared a regular quarterly dividend of $1.00 per share for the period from October 1, 2018, to December 31, 2018, inclusive, on the cumulative $4.00 preferred stock of the company. This dividend is also payable on December 14, 2018, to holders of record at the close of business on November 15, 2018.