Lorillard board authorizes $250M in share buybacks
Cigarette maker Lorillard's board authorizes $250 million in share buybacks
Lorillard Inc.'s board on Thursday announced a share buyback program for up to $250 million of outstanding common shares.
The cigarette maker will buy back shares with existing cash.
Lorillard, based in Greensboro, N.C., is the nation's third-biggest cigarette maker. It sells Kent, True, Maverick, Old Gold and other brands.
Its shares fell 20 cents to close at $74.54.
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