Packaging Corporation Adds $200 Million To Share Buyback Authorization, Highlights 'Substantial Operating Cash Flow'

Packaging Corp Of America PKG, a producer of container boards and white papers, announced after Thursday's market close an addition to its share buyback program.

Packaging Corp's board of directors authorized the repurchase of an additional $200 million of its outstanding common stock following the completion of a prior share buyback authorization earlier this month.

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The company noted that it has bought back 3.6 million shares since its last repurchase authorization, which was announced on July 21, 2015, including 1.9 million shares since the start of 2016.

Packaging Corp cited its "substantial operating cash flow," which provides the company with an "excellent opportunity" to continues its stock buyback program and return value to shareholders.

Shares of Packaging Corp showed no trades early Friday morning but have lost nearly 25 percent since the start of 2016 and more than 40 percent over the past year.