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British American
Tobacco and RJ Reynolds Tobacco have agreed to merge their US tobacco
businesses, uniting the nation’s second and third largest tobacco companies in
an effort to blunt the attacks of sagging sales and cheap cigarettes.
British
American Tobacco (BAT) is the parent company of rival Brown & Williamson
Tobacco. The agreement comes a month after RJ Reynolds (RJR) trimmed 40% of its
work force.
Under the deal announced yesterday, a new publicly traded holding
company will be formed called Reynolds American, which will rank second in US
market share after industry leader Philip Morris USA, a unit of Altria
Group.
RJ Reynolds is the maker of cheap cigarettes
discount including Camel, Winston, Salem and Doral, while
Brown & Williamson sells the Kool, Lucky Strike, GPC and Capri
brands.
The deal vastly expands the reach of two tobacco companies that
together produce about one of every three cigarettes smoked in the US. The new
company will have annual sales of around $10bn €8.53bn.
RJ Reynolds will
pay $2.6bn (€2.2bn) in discount cigarettes and stock
for a 58% controlling stake in the new company, RJR spokesman Tommy Payne said.
BAT will own 42% of Reynolds American through its Brown & Williamson
subsidiary.
Shares of RJR parent, RJ Reynolds Tobacco Holdings, soared 8.4%
on the New York Stock Exchange after the deal was announced.
The new company
plans to buy cigarettes headquarters and
operations in Winston-Salem, North Carolina, RJR’s current home. The full
integration of the companies is expected to result in more than $500m (€426.9m)
in annual savings.
Andrew Schindler, RJR’s chairman and chief executive,
called the agreement a milestone for both companies that will help enhance their
ability to compete in the US.
BAT chairman Martin Broughton echoed that
sentiment, saying the merger “will improve our competitive position in the most
important cigarettes market in the
world”.
Both companies have a rich history that dates to the late
1800s.
RJ Reynolds was founded in 1875, when 25-year-old Richard Joshua
Reynolds started a chewing-tobacco manufacturing operation in the town of
Winston, North Carolina. The town would later merge with the nearby village of
Salem, creating the city known today as Winston-Salem.
Brown & Williamson
was formed in 1893 by George Brown and Robert Williamson - brothers-in-law who
both grew up in marlboro
cigarettes.
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