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2009-05-05 13:09:00

First Shareholder Meeting Since Split Draws Global Protest NEW YORK, May 5 /PRNewswire-USNewswire/ -- With global tobacco deaths climbing above 5.4 million a year, Philip Morris International (PMI) is heralding a 12.7 percent net revenue growth in 2008. Not coincidentally the regions most impacted by the tobacco epidemic are the same "emerging markets" that the corporation credits with driving its growth. But at the end of PMI's 2008 surge, the international community moved to put a damper...

2009-04-22 16:12:47

U.S. tobacco giant Philip Morris USA said it would close its Concord, N.C., cigarette plant in July due to declining sales and a new federal excise tax. The company had said it would close the plant in the end of 2010, but moved the date up as conditions had changed, company spokesman David Sylvia said, the Charlotte, N.C. Observer reported Wednesday. Philip Morris said it was working with state officials and private agencies to provide transitional services for the 1,100 workers who would...

2009-04-02 13:14:00

BOSTON, April 2 /PRNewswire-USNewswire/ -- The following is a statement by Kathy Mulvey, Corporate Accountability International, in response to the passage of HR 1256: Corporate Accountability International welcomes the approval by the House of Representatives of legislation that would, for the first time, grant the Food and Drug Administration the authority to regulate tobacco products. Representatives Henry Waxman (CA) and Todd Platts (PA) are the lead sponsors of the Family Smoking...

2009-04-01 16:55:00

NEW YORK, April 1 /PRNewswire/ -- Philip Morris USA, a unit of Altria Group, Inc., announced in early March that it would raise tobacco prices yet again. Philip Morris claimed that the price increase was necessary to address floor stock taxes brought about by the Federal Excise Tax (State Children's Health Insurance Program - SCHIP) legislation passed in February 2009. In fact, Philip Morris's price rise was three weeks ahead of the SCHIP tax increase. "This is just big companies using...

2009-02-12 13:03:00

WASHINGTON, Feb. 12 /PRNewswire-USNewswire/ -- A new report on the cigarette brand preferences of middle and high school students demonstrates the need for Congress to give the Food and Drug Administration (FDA) the power to regulate tobacco, Partnership for Prevention Interim President Corinne G. Husten, MD, MPH, said today. "It's no accident that the most-advertised brand of cigarettes in history is also the favorite brand of high school and middle school students," Husten said....

2008-12-04 09:28:00

STAMFORD, Conn., Dec. 4 /PRNewswire-FirstCall/ -- UST Inc. (NYSE: UST) announced that earlier today, during a special shareholder meeting held in New York, a majority of its shares were voted to approve the company's acquisition by Altria Group, Inc. (NYSE: MO). The transaction, which is expected to close during the first full week of January 2009 and no later than January 7, calls for UST shareholders to receive $69.50 in cash for each share held of outstanding UST common stock. Upon...

2008-10-08 03:00:18

By Anonymous The Deal: Altria Group announced that it has reached an agreement to acquire UST Inc. for $69 per share, or about $10.2 billion. The deal price represents a premium of nearly 28 percent over UST's share price prior to the deal announcement. Altria valued the deal at $11.7 billion, including the assumption of about $1.3 billion in UST debt. After the deal closes, UST will be a wholly owned subsidiary of Altria. Discussion: UST Inc. is the holding company for United States...

2008-09-17 06:00:29

By David Jones and Veronica Ek Swedish Match, the last independent smokeless tobacco group, may attract a bid from a cigarette maker after Altria's bid for UST is set to make the U.S. market more competitive. While cigarette smoking in the mature markets of Western Europe and the United States is declining, snuff consumption is rising in the United States, driven by the perception that it is not as harmful as cigarettes, prompting two takeovers in the last two years. Snuff is moist...

2008-09-12 03:00:18

With Americans smoking less, the nation's top cigarette maker is planning to go smokeless in a big way. In a move long-anticipated by industry observers, Altria Group Inc., parent company of Marlboro- maker Philip Morris USA, said yesterday it has agreed to pay $10.4 billion to acquire Stamford, Conn.-based UST Inc., the top manufacturer of moist smokeless tobacco. The deal, if approved by UST shareholders and federal regulators, will add a growing category of tobacco products to Henrico...

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2008-09-12 10:30:00

By Jack Markowitz Only the addictive powers of Madame Nicotine can explain it. Otherwise, why would anybody still smoke? Cigarettes are politically and culturally despised. Doctors condemn them. They cost too much, approaching $5 a pack. States keep banning them from friendly indoor places (but take the taxes). The taxpayer is not respected. People wave their hands and say, "Get out of here with that!" Combined with lotteries, cigarettes also keep people poor. You doubt that? Just watch...


Word of the Day
jument
  • A beast of burden; also, a beast in general.
'Jument' ultimately comes from the Latin 'jugum,' yoke.
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