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 $4.00 per share from $3.16 per share, a 27% increase. The first quarterly dividend of $1.00 per share will be paid to shareholders of record as of December 21, 2020 with a payment date of January 15, 2021. Future declaration of quarterly dividends and the establishment of future record and payment dates are subject to the final determination by PCA’s Board of Directors.
Commenting on today’s announcement, Mark W. Kowlzan, Chairman & CEO of PCA, said, “Today’s announcement of an increase in our dividend demonstrates PCA’s overall operational and financial strength, as well as our disciplined and balanced approach to capital allocation. We are committed to generating value for our shareholders.”
PCA is the third largest producer of containerboard products and the third largest producer of uncoated freesheet paper in North America. PCA operates eight paper mills and 92 corrugated products plants and related facilities.