WestRock Company provided the following update on its ransomware incident which was announced on Jan. 25, 2021. WestRock’s security teams, supported by leading cyber defense firms, continue to work on remediation of and recovery from this incident. With some exceptions, the Company’s operations have continued to run and deliver for customers. In locations where technology issues have been identified, we are using alternative methods to process and ship orders. “We are working around the clock to complete our investigation and to restore normalized operations as quickly as possible,” said Steve Voorhees, chief executive officer. “WestRock teams are taking extraordinary steps to keep our mills and converting plants operational and to safely deliver to our customers.”
Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today announced that its board of directors authorized the repurchase of up to $100 million or 10 million of the company’s common shares, whichever occurs first. Repurchase transactions will be funded using the company’s sources of liquidity.
“Today’s announcement follows recent completion of the share repurchase program announced in March 2020, under which we repurchased 11.5 million shares for $78.3 million, representing 15% of the outstanding shares,” said Remi G. Lalonde, president and chief executive officer. “This new program will allow us to continue to act opportunistically to return capital to shareholders when conditions are right. We remain committed to a balanced approach to capital allocation, using our free cash flow to generate value for shareholders, build a stronger company and drive sustainable economic activity in the communities where we operate.”
Under the new share repurchase program, the company is authorized to repurchase from time to time shares of its outstanding common stock on the open market or in privately negotiated transactions in the United States. The timing and amount of stock repurchases will depend on a variety of factors, including market conditions as well as corporate and regulatory considerations. The share repurchase program may be suspended, modified or discontinued at any time and the company has no obligation to repurchase any amount of its common stock under the program. The repurchase program has no set expiration date. The company intends to make all repurchases in compliance with applicable regulatory guidelines and to administer the plan in accordance with applicable laws, including Rule 10b-8 of the Securities Exchange Act of 1934, as amended.