Packaging Corporation of America began a stock repurchase
program to buy up to $100 million in the company’s stock over the next 12 months.
"In two years of operation, we have reduced debt
by over $1 billion and lowered our debt to total capital ratio from 84% to 54%
currently," said Paul T. Stecko, chairman and CEO. "We plan to
continue to pay down debt and anticipate that we will reduce our total debt by
an additional $50 million by the end of 2001. In addition, we believe
shareholder value will be further enhanced by the common stock repurchase
program announced today," added Stecko.
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