Word: liggett
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Dates: during 1960-1969
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...cigarettes under medical fire and new brands proliferating, the major tobacco companies have been anxiously diversifying. Two weeks ago Reynolds announced that it would spend $100 million to buy Penick & Ford Ltd., Inc., a corn-oil refiner whose products include My-T-Fine desserts, Vermont Maid syrup and Cocomalt. Liggett & Myers last year paid $15 million for Alpo dog food. American's move was last, but by far the most spectacular...
...latest earnings reports are as golden as well-cured burley. American Tobacco, P. Lorillard and Philip Morris broke third-quarter records, and Liggett & Myers is running 27% ahead of last year. The only down note came from the industry leader, R. J. Reynolds (maker of Camel, Winston, Salem), whose profits fell from $35 million to $31 million...
Capricious Tastes. Tobaccomen have not taken the cancer scare as lightly as their customers have. They are branching into different tobacco markets and diversifying into new products. Last week Lorillard hired Consultant Walter M. Aikman, 37, to head a new acquisitions department. Liggett & Myers held a special stockholders' meeting to change bylaws in order to allow diversification, and American Tobacco said it was "seriously studying a number of companies." At the same time, the industry is expanding into the tobacco business in foreign countries, where growth is faster and doctors are quieter. Lorillard is rolling its Kents and Newports...
Back home the cigarette makers continue to introduce new brands to cater to the capricious tastes of 70 million U.S. smokers, with big emphasis on filters. Liggett & Myers is testing a charcoal filter menthol brand called Devon, and Philip Morris is marketing a charcoal filter called Galaxy in Texas. Filter cigarettes now hold about 70% of the U.S. market, but the charcoal filters, which account for some 7% of sales, have had uneven success...
There were also losers, of course. While American Tobacco and Liggett & Myers forged ahead with sizable earnings increases, Lorillard slipped in nine-month earnings despite a third-quarter gain and R. J. Reynolds suffered a 12% setback in profits. Strikes caused a sharp 71% break in Kennecott's profits, and Chrysler sputtered into a 50% decline because of unusually high changeover costs. These were the exceptions, but the good news contained a dividend of hope for them too. The current quarter, which is usually among the year's most profitable for many corporations, is sure to be even...