MEMPHIS, Tenn. - International Paper today announced its board of directors has authorized management to acquire up to $1.5 billion of additional shares of the company's common stock to supplement the$1.5 billion share repurchase program authorized in September 2013.  The company intends to continue to repurchase such shares in open market repurchase transactions.

"Today's $1.5 billion expansion of our share repurchase program reflects our continued confidence in International Paper's strong, sustainable free cash flow generation," said John Faraci, Chairman and Chief Executive Officer.  "International Paper continues to be committed to a disciplined capital allocation strategy that reflects the importance of cash returns and maximizing value to our shareowners."

Also today, the company declared a quarterly dividend of $0.35 per share for the period from July 1, 2014, to September 30, 2014, inclusive, on its common stock, par value $1.00. This dividend is payable on September 15, 2014, to holders of record at the close of business on August 15, 2014.  In addition, the company declared a regular quarterly dividend of $1.00 per share for the period from July 1, 2014, toSeptember 30, 2014, inclusive, on the cumulative $4.00 preferred stock of the company. This dividend is also payable on September 15, 2014, to holders of record at the close of business on August 15, 2014.