LOUISVILLE, Ky. (AP) — Brown-Forman Corp. said Wednesday that its board of directors authorized the repurchase of up to $250 million of its common stock.
The liquor company will repurchase its Class A and Class B common shares from Oct. 1 to Sept. 30.
"This program is both a flexible and effective way for us to utilize our considerable cash flow for the benefit of shareholders," Paul Varga, Brown-Forman's CEO, said in a statement.
The Louisville, Ky.-based company is behind alcohol brands such as Jack Daniel's Tennessee Whiskey, Southern Comfort and el Jimador.
Brown-Forman Class B shares slipped 20 cents to $69.20 in morning trading.