MEMPHIS, Tenn. - International Paper today announced its board of directors has authorized a share repurchase program to acquire up to $1.5 billion of the company's common stock. The company intends to repurchase such shares over the next 2-3 years in open market repurchase transactions.  Also today, the company announced its board of directors is raising the company's quarterly dividend by 17%.

"The authorization of this repurchase program and the dividend increase reflect our continued confidence in International Paper's long-term profitability and sustainable free cash flow generation," said John Faraci, Chairman and Chief Executive Officer.   "International Paper continues to be committed to a balanced use of cash in a way that maximizes value to our shareowners."

The dividend is being increased 17% from $0.30 to $0.35 per share for the period from October 1, 2013, to December 31, 2013, inclusive, on the company's common stock, par value $1.00. This dividend is payable on December 16, 2013, to holders of record at the close of business on November 15, 2013. The company's board of directors also declared a regular quarterly dividend of $1.00 per share for the period from October 1, 2013, to December 31, 2013, inclusive, on the cumulative $4.00 preferred stock of the company. This dividend is also payable on December 16, 2013, to holders of record at the close of business on November 15, 2013.