Packaging Corporation of America Announces 33% Dividend Increase and $100M Share Repurchase

Packaging Corporation of America PKG announced today that it intends to increase the quarterly cash dividend on its company stock from an annual payout of $0.60 per share to $0.80 per share. The first quarterly dividend of $0.20 per share will be paid on April 15, 2011 to shareholders of record as of March 15, 2011. Future declaration of quarterly dividends, and the establishment of future record and payment dates are subject to the final determination of PCA's Board of Directors. PCA also announced today that its Board of Directors has authorized the repurchase of an additional $100 million of the company's outstanding common stock. The company intends to make these repurchases over the next 18 months in accordance with applicable securities regulations.