Lorillard declares 3-for-1 stock split

Lorillard said yesterday that its board of directors had declared a three-for-one split of Lorillard common stock. The stock split, it added, would be effected through a 200 per cent stock dividend.

“Since becoming an independent publicly traded company in 2008, Lorillard has consistently grown its business and financial results, and those results have largely been reflected by a higher stock price,” said Murray S. Kessler, chairman, president and CEO.

“Today’s announcement demonstrates the board of directors’ continued confidence in the company’s brands and strategic direction, along with our ongoing commitment of creating value for Lorillard shareholders.”

Lorillard shareholders of record at the close of business on December 14 will receive two additional shares of Lorillard stock for each share then owned.

The additional shares will be distributed from January 15.