PepsiAmericas' board of directors has declared a dividend of US$0.085 per share on PepsiAmericas common stock. The dividend is payable on 3 October to shareholders of record on 15 September.

The board reviews dividend policy on a quarterly basis.

The board also approved an increase in the company's existing share repurchase programme. The board authorised the repurchase of an additional 20m shares of the company's common stock.

The authorisation is effective immediately and does not have a deadline for execution of repurchases. Since May 1999, the company has repurchased 35m shares under its repurchase program. The company has approximately 138m shares of common stock outstanding.

"We believe that our share repurchase program confirms our commitment to return value to shareholders," said Robert C. Pohlad, chairman and CEO of PepsiAmericas. "The board believes that the share repurchase is a good investment alternative for our cash flow from operations and an indicator of confidence in our business."