Brown-Forman Corporation (NYSE: BFA)(NYSE: BFB) announced that its Board of Directors has approved a $200 million share repurchase authorization, commencing July 13, 2018 through July 12, 2019, subject to market and other conditions. Under the repurchase program, the company can repurchase Class A and Class B common stock from time to time for cash in open market purchases, block transactions, and privately negotiated transactions in accordance with applicable federal securities laws. This share repurchase program may be modified, suspended, or terminated by the company at any time without prior notice.
Paul Varga, chief executive officer of Brown-Forman said, "We are appropriately attentive to today's uncertain market environment, but remain optimistic about the long-term growth prospects for our brands around the world. We strive to deliver leading returns for our shareholders and believe this buyback authorization provides us with the flexibility to repurchase our shares when the market presents the opportunity."
For almost 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s & Cola, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Gentleman Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador, Woodford Reserve, Old Forester, Canadian Mist, Herradura, New Mix, Sonoma-Cutrer, Early Times, Chambord, BenRiach, GlenDronach and Slane. Brown-Forman’s brands are supported by over 4,800 employees and sold in more than 170 countries worldwide. For more information about the company and its corporate responsibility efforts, please visit http://www.brown-forman.com/.
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