Following the recent decision of the Supervisory Board of Papierfabrik August Koehler SE, the globally active paper specialist will have invested approximately half a billion Euro in growth by 2020. “We’re able to do this thanks to our position of strength and exceptional business developments in the past,” explains Kai Furler, CEO of the German family-owned company. More than €300 million is also being directed to the Kehl production facility, where Koehler will be creating more than 100 new jobs over the next two years. The primary investment is going to a leading global technology in the form of a specialty paper machine with Yankee cylinder. The off-machine coater will be equipped with multiple cutting-edge coating application technologies in order to help shape attractive market segments in the sector of flexible packaging. The total capacity will be well over 100,000 tons a year. That represents a clear commitment to paper and board, says CEO Kai Furler, as well as the largest individual investment in the company’s 210-year history. Click Read More below for additional details.
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.