The board of Lifeway Foods has authorised a stock repurchase programme of up to 50,000 shares.

The programme could see the company, which produces the milk-based cultured beverage Kefir, repurchase up to 50,000 shares of its common stock through the open market within a period of one year from the date of the first purchase. The share repurchases will be funded from Lifeway's available cash resources, the company said.

"I am very pleased that our board of directors has approved this stock repurchase programme," said Lifeway's president Julie Smolyansky. "Given the current market conditions and our current cash position, we believe that repurchasing Lifeway stock is a prudent investment which demonstrates our commitment to growth and to enhancing long term shareholder value."