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Lorillard (NYSE: LO) announced today that its 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, which is expected to be completed 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 David H. Taylor, Executive Vice President, Finance and Planning, and Chief Financial Officer.
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