Word: horrigan
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Dates: during 1980-1989
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...Ross Johnson, the firm's chief executive, and Edward Horrigan, its vice chairman, an RJR Nabisco bid would take the firm private. The two men, who hold hefty chunks of RJR Nabisco stock, stand to make nearly $18 million each on the deal. While they will probably invest most of their profits in the new firm, that will do little to ease a projected $25 billion debt burden. To pay off the IOUs, RJR Nabisco will probably sell some of its divisions. The proposed deal must still be approved by a group of the firm's directors, but even...
Perhaps the most important cause of the recent drop was the doubling, to 16? per pack, of the federal cigarette tax on Jan. 1. In addition, many states-14 since 1982-are pushing up their levies on smokes. Says Reynolds Tobacco Chairman Edward A. Horrigan Jr.: "The excise tax, coupled with state tax increases, caused a dramatic drop in sales during the first quarter of the year." Wisconsin has the dubious honor of having the highest state cigarette tax: 25? a pack, making total taxes on a pack 41?. Those increases helped push up the price of a standard pack...
Despite recent sluggish sales, tobacco executives and cigarette-industry watchers believe the market will pick up as the recovery gathers strength and consumers become accustomed to the higher taxes. Says Horrigan of Reynolds: "We've bottomed out absolutely. We have a lot of strength." Cigarette-industry officials can only hope that Horrigan is not just blowing smoke...