Sylvamo Announces Dividends, Share Repurchase Program
19 Septembre 2023 - 10:15PM
Business Wire
Includes 20% increased quarterly dividend,
special $12 million dividend and $150 million share repurchase
program
Sylvamo's (NYSE: SLVM) board of directors declared a quarterly
dividend of $0.30 per share for the period of Oct. 1, 2023, to Dec.
31, 2023, as well as a special dividend of $0.30 per share, which
is approximately $12 million.
The dividends are payable Oct. 17, 2023, to holders of record at
the close of business Oct. 3, 2023.
The board also authorized an additional $150 million for a share
repurchase program to acquire the company's common stock. At the
end of the second quarter, the company had approximately $30
million remaining in the $150 million share repurchase program
announced May 19, 2022.
On Sept. 1, 2023, Sylvamo deposited $60 million in escrow as
required by its credit agreement, enabling it to return more than
$90 million in cash to shareowners annually.
“Dividends are the foundation of our commitment to return $125
million in cash to shareowners this year,” said Jean-Michel
Ribiéras, chairman and chief executive officer. “We remain
committed to returning cash to shareowners and will continue to
look for opportunities to repurchase shares at attractive
prices.”
The repurchase program will follow applicable legal
requirements, is subject to market conditions and other
considerations, has no termination date and does not require the
company to repurchase shares.
About Sylvamo
Sylvamo (NYSE: SLVM) is the world's paper company with mills in
Europe, Latin America and North America. Our vision is to be the
employer, supplier and investment of choice. We transform renewable
resources into papers that people depend on for education,
communication and entertainment. Headquartered in Memphis,
Tennessee, we employ more than 6,500 colleagues. Net sales for 2022
were $3.6 billion. For more information, please visit
Sylvamo.com.
Forward Looking Statement
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, including statements
concerning payment of dividends. Any or all forward-looking
statements may turn out to be incorrect, and our actual actions and
results could differ materially from what they express or imply,
because they involve known and unknown risks, uncertainties and
other factors, many of which are beyond our control. These risks,
uncertainties, and other factors include those disclosed in the
heading "Risk Factors" in our Annual Report on Form 10-K filed with
the U.S. Securities and Exchange Commission (SEC) and in our
subsequent filings with the SEC, available on our website,
Sylvamo.com. These forward-looking statements reflect our current
expectations, and we undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230919705688/en/
Investors: Hans Bjorkman, 901-519-8030,
hans.bjorkman@sylvamo.com Media: Adam Ghassemi,
901-519-8115, adam.ghassemi@sylvamo.com
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