History
Reynolds American was formed in January 2004 and began trading publicly on the New York Stock Exchange as RAI in August 2004.
In July 2004 the U.S. business of British American Tobacco (Brown & Williamson) was combined with that of R. J. Reynolds Tobacco Company (R. J. Reynolds), under the R. J. Reynolds name. R. J. Reynolds and Brown & Williamson were the second and third-ranking U.S. tobacco companies prior to the combination. When they combined, R. J. Reynolds became a subsidiary of Reynolds American, with BAT holding a 42% share of RAI. Santa Fe Natural Tobacco Company, which manufactures the additive-free Natural American Spirit brand of tobacco products, also became a subsidiary of Reynolds American at that time.
Prior to becoming RAI operating companies, both R. J. Reynolds and Santa Fe were part of R. J. Reynolds Tobacco Holdings, Inc., which traded on the New York Stock Exchange as RJR. RJR became a subsidiary of RAI in July 2004. R. J. Reynolds was established as a tobacco company in Winston-Salem, North Carolina in 1875.
In 2006, Reynolds American expanded into the smokeless tobacco category, with the acquisition of Conwood, the second-biggest smokeless tobacco company in the United States. Conwood manufactures and markets moist and dry snuff, loose leaf, plug and twist chewing tobaccos. At the time of the acquisition, 70% of Conwood's sales came from the growing moist-snuff segment, with the Grizzly brand showing the fastest growth. Grizzly’s continued growth since 2006 has made it the best-selling brand in the moist-snuff category.
In 2008, RAI was recognized as a leader in corporate sustainability by being added to the membership in the 2008-2009 Dow Jones Sustainability North America Index (DJSI North American). RAI is the only U.S. tobacco company and one of 125 North American companies on the index. Selection for the Index is based on performance in a number of economic, environmental and social criteria.
The Wall Street Journal reported in November 2009 that Reynolds American intended to buy Sweden-based Niconovum AB, a maker of products such as nicotine gum, for $44.5 million. The deal was completed in December.
Former Chairman, President and CEO of Reynolds Tobacco Daniel "Daan" Delen assumed the positions of President and CEO of Reynolds American on March 1, 2011, after former president, CEO and chairwoman Susan Ivey announced she would retire as chairwoman November 1, 2010 and as President and CEO effective February 28, 2011.
Read more about this topic: Reynolds American
Famous quotes containing the word history:
“... that there is no other way,
That the history of creation proceeds according to
Stringent laws, and that things
Do get done in this way, but never the things
We set out to accomplish and wanted so desperately
To see come into being.”
—John Ashbery (b. 1927)
“If usually the “present age” is no very long time, still, at our pleasure, or in the service of some such unity of meaning as the history of civilization, or the study of geology, may suggest, we may conceive the present as extending over many centuries, or over a hundred thousand years.”
—Josiah Royce (1855–1916)
“It takes a great deal of history to produce a little literature.”
—Henry James (1843–1916)