Lorillard to repurchase shares

Lorillard’s board of directors has approved a new share repurchase program involving up to $500 million of the company’s outstanding common stock.

The program is expected to be completed this year.

“Today’s announcement that the board has authorized a new share repurchase program reinforces the company’s intent to efficiently manage our financial resources and our continued priority of returning cash to Lorillard shareholders,” said David H. Taylor, executive vice president, finance and planning, and CFO.

Purchases by the company under the new program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchase techniques or otherwise, as determined by the company’s management,’ Lorillard said in a note posed on its website.

‘This program does not obligate the company to acquire any particular amount of its common stock. The timing, frequency and amount of repurchase activity will depend on a variety of factors such as levels of cash generation from operations, cash requirements for investment in the company’s business, current stock price, market conditions and other factors. The share repurchase program may be suspended, modified or discontinued at any time and has no set expiration date.’