Neenah Paper will continue to use its green-inked paper to repurchase some of its outstanding stock. The company's board has reauthorized its just-expired, $10 million share buyback program. Like its predecessor, the initiative will run for one year at the same amount.
Under the previous repurchase program, Neenah Paper bought roughly $4 million worth of its stock.
In a press release, the company quoted CEO John O'Donnell as saying that the renewal, in conjunction with a just-announced dividend increase, "underscores our commitment to return cash to shareholders as part of their total return and provides us with the flexibility to take action when we believe our share price is undervalued."
The article Neenah Paper Renews Stock Buyback Program originally appeared on Fool.com.
Fool contributor Eric Volkman has no position in Neenah Paper. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.