February 12, 2010 (FinancialWire) — Philip Morris International Inc.’s (NYSE: PM) board of directors has approved a new share repurchase program of $12 billion over three years, to begin in May 2010, upon the expiry of the company’s current, two-year, $13 billion program in April 2010.

The new program is scheduled to be completed by the end of April 2013.

New York-based Philip Morris International is a tobacco company whose flagship brand is Marlboro. PMI has around 77,300 employees and its products are sold in around 160 countries.

In 2009, the company claimed an estimated 15.4% share of the total international cigarette market outside of the U.S., or 26.0% excluding the People’s Republic of China and the U.S.

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