Lorillard to repurchase shares

| March 11, 2013

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.’

Category: Breaking News

Comments are closed.

Sponsor Ad

Also in Tobacco Reporter

At the forefront

At the forefront

Altria is determined to lead the shift toward less-harmful products.

| December 1, 2017
‘On fire’

‘On fire’

Heat-not-burn products continue their conquest of Japan.

| December 1, 2017
Staying sharp

Staying sharp

In the cigarette paper industry, innovation remains key to staying competitive.

| December 1, 2017
Rebel with a cause

Rebel with a cause

Longtime Forest leader Simon Clark continues to champion the right of adults to make decisions.

| December 1, 2017
Tools for tomorrow

Tools for tomorrow

Machinery suppliers are developing new technologies to manufacture next-generation products.

| December 1, 2017
Buckling up

Buckling up

Manufacturers of belting solutions are successfully navigating the industry’s transition.

| October 1, 2017
The new endgame

The new endgame

Some strategies to phase out combustible cigarettes are more sensible than others.

| October 1, 2017

Sponsor Ad

Web exclusives

Celebrating cigars at Puro Sabor

Celebrating cigars at Puro Sabor

Five days of factory tours, farm visits, recreational activities and many, many cigars.

| February 5, 2018
Farmers concerned

Farmers concerned

The ITGA worries about slumping demand for leaf tobacco and a lack of alternative crops

| November 2, 2017
Their fair share

Their fair share

Tobacco growers deserve better

| November 1, 2017
Lease on life

Lease on life

Industry leaders respond to the FDA’s new attitude toward vapor products.

| October 1, 2017
The Vype Dossier

The Vype Dossier

Proving the reduced-risk potential of an e-cigarette

| October 1, 2017
Creating momentum

Creating momentum

The VTA took the fight to legislators firsthand.

| September 2, 2017
Battery battle

Battery battle

Sub-par production materials and user error are the main causes for battery failure.

| September 1, 2017

Sponsor Ad

From the leaf lands

Zimbabwe moving on

Zimbabwe moving on

Boosting the tobacco sector is one of the goals of new and proposed policies aimed at attracting business and investment to Zimbabwe, while encouraging exports.

| February 20, 2018
Zimbabwe plantings down

Zimbabwe plantings down

Unhelpful weather in Zimbabwe means that flue-cured tobacco plantings are down by more than five percent this season.

| February 19, 2018
Zimbabwe disease alert

Zimbabwe disease alert

A resurgence of a viral disease in Zimbabwe’s tobacco is being blamed on growers, but those who claim to be overseeing production must surely shoulder some of the blame.

| February 15, 2018
Seeking new alliances

Seeking new alliances

Alliance One International, which yesterday announced a rise in volume sales, is seeking to expand into new, added-value business lines that offer improved margins and good growth potential.

| February 9, 2018
Watching the weather

Watching the weather

Local observers believe that Indonesia, which grew 70,000 tons of tobacco in 2016, could grow 200,000 tons this year – if the weather is co-operative.

| February 9, 2018
Star Tobacco expanding

Star Tobacco expanding

Star Tobacco’s recent expansion is being reflected in the establishment of bigger facilities in Turkey and Indonesia.

| February 8, 2018

Sponsor Ad