FORT MILL, S.C.--(BUSINESS WIRE)--Domtar Corporation today announced that its Board of Directors has declared a quarterly dividend on its common stock (NYSE: UFS) (TSX: UFS). The dividend of US$0.455 per share is payable on January 15, 2020 to stockholders of record on January 2, 2020.
The company also announced that its Board of Directors authorized an increase of $300 million to Domtar’s share buyback program. This is in addition to the Company's prior $1.3 billion repurchase authorization, under which approximately $178 million remained available as of September 30, 2019. The new share repurchase program, which has no expiration date, may be terminated at any time
“The increase to the share buyback program demonstrates our continued confidence in our cash flow generation and builds on our long track record of returning cash to shareholders,” said John D. Williams, President and Chief Executive Officer. “We will maintain a balanced and disciplined approach to deploying resources, by investing to fuel growth in our core businesses, and returning capital to shareholders.”
Under the share buyback 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 the 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.
Domtar is a leading provider of a wide variety of fiber-based products including communication, specialty and packaging papers, market pulp and absorbent hygiene products. With approximately 10,000 employees serving more than 50 countries around the world, Domtar is driven by a commitment to turn sustainable wood fiber into useful products that people rely on every day. Domtar’s annual sales are approximately $5.5 billion and its common stock is traded on the New York and Toronto Stock Exchanges. Domtar’s principal executive office is in Fort Mill, South Carolina. To learn more, visit www.domtar.com.