LAKE FOREST, Ill.--(BUSINESS WIRE)--Packaging Corporation of America (NYSE: PKG) announced today that it intends to increase the quarterly cash dividend on its common stock to an annual payout of $3.16 per share from $2.52 per share, a 25% increase. The first quarterly dividend of $0.79 per share will be paid on July 13, 2018 to shareholders of record as of June 15, 2018. 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.
Commenting on today’s announcement, Mark W. Kowlzan, Chairman & CEO of PCA, said, “Consistent with our balanced and disciplined capital allocation strategy, PCA is increasing its dividend for the seventh time in eight years. This reflects our on-going commitment to generating value and returning cash to shareholders.”
PCA is the fourth largest producer of containerboard products and the third largest producer of uncoated freesheet paper in North America. PCA operates eight mills and 94 corrugated products plants and related facilities.