International Paper Co. said its board has approved the repurchase of up to $2.0 billion of the company's common stock.

The newly authorized share repurchases are in addition to the $430 million remaining under a previous stock buyback program as of the end of the third quarter. The company said it repurchased $200 million in common stock in the third quarter at an average price of $52.03 per share.

International Paper's board also raised the company's quarterly common stock dividend by 5.3% to 50 cents per share from 47.5 cents per share.

In addition, the board declared a regular quarterly dividend of $1.00 per share on the company's cumulative $4.00 preferred stock.

Both dividends are payable Dec. 14 to holders of record at business close Nov. 15.