LAKE FOREST, Ill. (AP) -- Packaging Corp. of America said Wednesday that it will increase its quarterly dividend by 28 percent.
The company said it will pay its new dividend of 40 cents per share on July 15 to shareholders of record as of June 14. That is up from its most recent dividend of 31.3 cents per share.
Packaging Corp. said the increase reflects the company's overall operating and financial strength and its commitment to returning value to shareholders.
The company, based in Lake Forest, Ill., makes containerboard and corrugated packaging products.
Packaging shares added 19 cents to close at $50.08 Wednesday. The stock is up 30 percent in the year to date.