GREENSBORO, N.C., Nov. 13, 2012 /PRNewswire/ -- Lorillard, Inc. (NYSE: LO), the third largest manufacturer of cigarettes in the United States, announced today that its Board of Directors has declared a three-for-one split of Lorillard common stock. The stock split will be effected in the form of a 200% stock dividend.
"Since becoming an independent publicly traded company in 2008, Lorillard has consistently grown its business and financial results, and those results have largely been reflected by a higher stock price," stated Murray S. Kessler, Chairman, President and Chief Executive Officer of Lorillard. "Today's announcement demonstrates the Board of Directors' continued confidence in the Company's brands and strategic direction, along with our ongoing commitment of creating value for Lorillard shareholders."
Lorillard shareholders of record at the close of business on December 14, 2012, will receive two additional shares of Lorillard stock for each share then owned. These additional shares will be distributed beginning January 15, 2013.
About Lorillard, Inc.Lorillard, Inc. (NYSE: LO), through its Lorillard Tobacco Company subsidiary, is the third largest manufacturer of cigarettes in the United States. Founded in 1760, Lorillard is the oldest continuously operating tobacco company in the U.S. Newport, Lorillard's flagship premium cigarette brand, is the top selling menthol and second largest selling cigarette in the U.S. In addition to Newport, the Lorillard product line has four additional cigarette brand families marketed under the Kent, True, Maverick and Old Gold brand names. These five brands include 39 different product offerings which vary in price, taste, flavor, length and packaging. Lorillard, through its LOEC, Inc. subsidiary, is also the leading electronic cigarette company in the U.S, marketed under the blu eCigs brand. Newport, Kent, True, Maverick, Old Gold and blu eCigs are the registered trademarks of Lorillard and its subsidiaries. Lorillard maintains its headquarters and manufactures all of its traditional cigarette products in Greensboro, North Carolina. Forward-Looking Statements Certain statements made in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "may," "will be," "will continue," "will likely result" and similar expressions. In addition, any statement that may be provided by management concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible actions by Lorillard, Inc. are also forward-looking statements as defined by the Reform Act.