SEATTLE, Feb. 7, 2019 /PRNewswire/ -- Weyerhaeuser Company (NYSE: WY) today announced that its board of directors declared a dividend of $0.34 per share on the common stock of the company, payable in cash on March 22, 2019 to holders of record of such common stock as of the close of business on March 1, 2019.
Additionally, the board has authorized a new share repurchase program of up to $500 million of the company's common shares. This replaces the existing $2.5 billion share repurchase program authorized in November 2015. As of December 31, 2018, there was approximately $135 million remaining under the prior authorization. Repurchases under the new program may be made through a variety of methods, including open market purchases, unsolicited or solicited privately-negotiated transactions, tender offer, block trades, accelerated share repurchase transactions, or pursuant to 10b5-1 trading plans.
"Over the past three years we have returned over $5 billion of cash to shareholders through dividends and share repurchases. This includes nearly $1.4 billion in 2018," said Devin W. Stockfish, president and chief executive officer. "We remain committed to driving value for shareholders through industry-leading performance and disciplined capital allocation."
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control 12.2 million acres of timberlands in the U.S., and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products. Our company is a real estate investment trust. In 2018, we generated $7.5 billion in net sales and employed approximately 9,300 people who serve customers worldwide. We are listed on the Dow Jones Sustainability North America Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.
This news release contains statements concerning future actions, plans, strategies, expectations and intentions regarding share repurchases that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions. Numerous factors may cause actual future actions to differ significantly from these forward-looking statements. There is no guarantee that any of the actions, including future share repurchases, anticipated by these forward-looking statements will occur. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
SOURCE Weyerhaeuser Company