Word: lorillard
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...conglomerate merger, a company takes over another in a different field, as in last week's announcement that tobacco-producing P. Lorillard Co. is planning to consolidate with Schenley Industries (see following story). To the trustbusters, conglomerate mergers offer some sophisticated dangers. Potential stifling of competition-as in the ITT-ABC case-is one. Another is reciprocity. One circumstantial example of reciprocity currently cited by Government lawyers involves Armour & Co., which as a meat packer is a major customer for railroad shipping space. Armour, in a conglomerate merger, bought out Baldwin-Lima-Hamilton, a manufacturer of railroad equipment...
...Liggett & Myers last year took over the U.S. importer of J & B Scotch whisky. American Tobacco bought nearly all of Chicago's James B. Beam Distilling Co. last fall, and will soon purchase control of the Buckingham Corp., importer of Cutty Sark Scotch. When its turn came, P. Lorillard Co. decided to try a little tippling...
Useful Shot. In Manhattan last week, Lorillard announced plans to acquire Schenley Industries for some $350 million in new Lorillard securities. The deal will create a liquor-and-tobacco conglomerate with combined sales, including excise taxes, of nearly $1 billion from more than 50 brands, including Lorillard's cigarettes, cigars, chewing tobacco, candy and cat food, and Schenley's bourbons, Scotches, wines and other potables...
...that Royal Crown needs in overseas markets in order to keep pace with the leaders. Royal Crown, moreover, is no stranger to tobaccomen. To build up its sales efforts abroad last June, the company hired as president of its international division Morgan J. Cramer, former chairman of P. Lorillard...
Having started the high-filtration surge with Kent in 1952, P. Lorillard now has only two nonfilters (York and Old Gold Straights), recently launched True cigarettes in plain and menthol versions. Danville, another new Lorillard filter, is being test-marketed in the South. Philip Morris now has Marlboro Green menthols, Galaxy and 100-mm. Benson & Hedges filters. Last month Liggett & Myers put menthol Chesterfields on the market...