The country's largest cigarette maker, Lorillard (NYSE:LO.DL), announced that the board of directors authorized a new share repurchase program to buy back up to $500 million worth of stock over the course of 2013.

Lorillard's executive VP and CFO, David H. Taylor, said the announcement "reinforces the company's intent to efficiently manage our financial resources and our continued priority of returning cash to Lorillard shareholders."

There is no set amount of stock the cigarette maker is required to buy back, and the repurchases may be effected through open market purchases, privately negotiated transactions, or block purchase techniques and may be suspended, modified, or discontinued at any time.

Although it's expected it will be completed by the end of the year, the repurchase program has no set expiration date.

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