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LAKE FOREST, Ill.--([ BUSINESS WIRE ])--Packaging Corporation of America (NYSE: PKG) announced today that its Board of Directors has authorized the repurchase of an additional $150 million of the companyas outstanding common stock to be made from time to time in accordance with applicable securities regulations.
"This action reflects both our continued commitment to return value to our shareholders and the operating and financial strength of the company."
Commenting on the additional authorization, Mark W. Kowlzan, Chief Executive Officer of PCA, said, aThis action reflects both our continued commitment to return value to our shareholders and the operating and financial strength of the company.a
PCA is the fifth largest producer of containerboard and corrugated packaging products in the United States with sales of $2.44 billion in 2010. PCA operates four paper mills and 71 corrugated product plants in 26 states across the country.