CHAMPION INTERNATIONAL CORPORATION ANNOUNCES STOCK PURCHASE PROGRAM AND DECLARES DIVIDEND.STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 17, 1995--Champion International Corporation announced today that its board of directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the company to purchase, from time to time as market and other conditions warrant, up to five million additional shares of the company's common stock. It is anticipated that such purchases will be made in the open market and through privately negotiated transactions. The company presently has approximately 96.6 million shares outstanding. Andrew C. Sigler, Champion's chairman and chief executive officer, noted that share purchases are a flexible and tax-effective way of distributing cash to shareholders. He indicated that the board of directors will regularly review the stock purchase program relative to other available alternatives to further enhance shareholder value. Mr. Sigler also stated that the company expects to continue its debt reduction program. In addition, Champion announced today that a quarterly dividend of five cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on Champion's common stock will be paid on October 12, 1995, to holders of record on September 15, 1995. Champion is one of America's leading manufacturers of paper for business communications, commercial printing, publications, and newspapers. Headquartered in Stamford, Connecticut Stamford is a city in Fairfield County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 119,261, making it the fourth largest city in the state. , the company owns or manages more than five million acres of forestlands in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and is also a major manufacturer of market pulp, plywood plywood, manufactured board composed of an odd number of thin sheets of wood glued together under pressure with grains of the successive layers at right angles. Laminated wood differs from plywood in that the grains of its sheets are parallel. and lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to . CONTACT: Champion International Corp., Stamford Mary E. Green, (203) 358-7900 |
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