Lorillard Inc. (LO) said Friday its Board has approved a new share repurchase program, authorizing the cigaretes maker to repurchase up to $500 million of its outstanding common stock.
The company expects to complete the share repurchase over the course of 2013.
"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," stated Chief Financial Officer David.
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