Cigarette maker Lorillard’s board authorizes $250 million in share buybacks

Lorillard board authorizes $250M in share buybacks

GREENSBORO, N.C. — 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.