Lorillard,
Inc., the third largest manufacturer of cigarettes in the
United States,
announced today that the Company's Board of Directors approved a new share
repurchase program, authorizing the Company to repurchase in the aggregate up
to $500 million of its outstanding common stock.
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. The purchases will be funded from existing cash balances.
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.
About
Lorillard, Inc.
Lorillard,
Inc., through its Lorillard Tobacco Company subsidiary, is the third largest
manufacturer of cigarettes in the United States. Founded in
1760, Lorillard is the oldest continuously operating tobacco company in the U.S. Newport, Lorillard's
flagship premium cigarette brand, is the top selling menthol and second largest
selling cigarette brand in the U.S.
In addition to Newport,
the Lorillard product line has four additional cigarette brand families
marketed under the Kent,
True, Maverick and Old Gold brand names. These five brands include 43 different
product offerings which vary in price, taste, flavor, length and
packaging. Lorillard, through its LOEC, Inc. subsidiary, is also the
leading electronic cigarette company in the U.S, marketed under the blu ecigs
brand. Lorillard maintains its headquarters and manufactures all of its
traditional cigarette products in Greensboro, North Carolina.
No comments:
Post a Comment