Word: lorillard
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...rebound principle apparently works in matters of business as well as affairs of the heart. Early this year, when cigarette-making Lorillard Corp. tried to merge with Schenley Industries, it was rebuffed in favor of the Glen Alden Corp. Meanwhile, Loew's Theaters Inc. was scorned when it attempted to merge with Commercial Credit Corp., which opted instead to merge with Control Data Corp. Last week the two losers got together on the rebound. In a complicated swap of Lorillard stock for that of Loew's (value of the exchange: at least $418 million), the two companies plan...
...Reynolds Tobacco had a first-quarter earnings rise over the same period last year of 13.2%, while Lorillard increased earnings...
Irate Charges. Having won over Rosenstiel with tactics that included a personal investment of $350,000 in the purchase of Rosenstiel's six-story Manhattan town house, Riklis ran into some new obstacles to the $410 million takeover. There were new rumors that P. Lorillard & Co., the big cigarette, maker which had been rebuffed by Rosenstiel in an earlier merger attempt, was renewing its effort. These were reinforced when the Schenley board failed to take any action acknowledging the Riklis...
...tobacco: their cigarette business is holding up despite recurring cancer scares, and they are making money on diversification projects. R. J. Reynolds reported record sales of $495 million and record earnings of $43,139,000 from Chinese foods, fruit punch, and aluminum foil as well as tobacco products. P. Lorillard's diversified operation accounted for record quarterly sales of $147 million and earnings...
...they can. So many brands have appeared, however, that the tobaccomen have been forced to reach for gimmicks. Benson & Hedges grabbed an early sales lead by means of commercials that lampooned longer length. Pall Mall responded with a "seven-minute cigarette" campaign. Introducing its Century Great Lengths, P. Lorillard capitalized on the fact that the name on the pack disappears when the cellophane outer label is crumpled. Lorillard advertising refers to the cigarette as the "whatchamacallit...