Monday, 01 June 2015 09:06

Resolute Increases Share Repurchase Program by $50 Million

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abiti122011Resolute Forest Products Inc. has announced that its board of directors has authorized a $50 million increase to the company's existing share repurchase program. 

"Today's announcement gives us another tool to continue to enhance shareholder value," said Richard Garneau, president and chief executive officer. "Share repurchases will complement our ongoing value-creating initiatives to build capacity in markets with future growth opportunities – such as the two new sawmills and the continuous pulp digester project – and upcoming initiatives as we continue to execute on our growth strategy.

The company is authorized to repurchase additional shares of its outstanding common stock for an aggregate purchase price of up to $83 million under the program, as amended. The program will be funded with cash on hand. 

The company is authorized to repurchase on the open market or in privately negotiated transactions in the U.S. The timing and amount of repurchases will depend on a number of factors, including market conditions as well as corporate and regulatory considerations. The program has no set expiration date and can be suspended, modified or discontinued at any time. The program imposes no obligation to repurchase any amount of common stock. The company intends to make all repurchases in compliance with applicable regulatory guidelines and to administer the plan in accordance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934.

About Resolute Forest Products
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including newsprint, specialty papers, market pulp and wood products. The company owns or operates some 40 pulp and paper mills and wood products facilities in the United States, Canada and South Korea, and power generation assets in Canada. Marketing its products in close to 80 countries, Resolute has third-party certified 100% of its managed woodlands to at least one of three internationally recognized sustainable forest management standards. The shares of Resolute Forest Products trade under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange.

Resolute and other member companies of the Forest Products Association of Canada, as well as a number of environmental organizations, are partners in the Canadian Boreal Forest Agreement. The group works to identify solutions to conservation issues that meet the goal of balancing equally the three pillars of sustainability linked to human activities: environmental, social and economic.

Resolute is proud to be ranked by Corporate Knights as one of Canada's Best 50 Corporate Citizens for 2014. In addition, the company and Richard Garneau, president and chief executive officer, have been named to Canada's Clean50. And in January 2015, Resolute was awarded The New Economy magazine's global Clean Tech Award for best forestry and paper solutions.

SOURCE Resolute Forest Products Inc.

For further information: Investors: Rémi G. Lalonde, Vice President & Treasurer, 514 394-2345, This email address is being protected from spambots. You need JavaScript enabled to view it.; Media and Others: Seth Kursman, Vice President, Corporate Communications, Sustainability and Government Affairs, 514 394-2398, This email address is being protected from spambots. You need JavaScript enabled to view it.

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