Rock-Tenn Boosts Stock Buyback Program

(RTTNews) - Rock-Tenn Co. (RKT) said Monday that its board of directors has amended the company's share repurchase plan to allow for the repurchase of a total of 16.9 million shares of common stock, an increase from the 9.2 million shares previously authorized.

The company now has 10.0 million shares available for repurchase after the amendment.

The company said it had repurchased 1.9 million shares during the current fiscal quarter prior to the latest board action.

"The board's action to increase the share repurchase program speaks to our continued confidence in our outlook for the long-term profitability and cash flow generation of our business and demonstrates our commitment to return capital to our shareholders in context of our capital allocation strategy," said Steve Voorhees, Rock-Tenn's chief executive officer.