Word: tobacco
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Dates: during 1980-1989
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...story appearing in Tuesday's Crimson incorrectly stated the position of the Advisory Committee on Shareholder Responsibilty (ACSR) on University holdings in tobacco companies, including RJR-Nabisco. The ACSR requested that the Corporation write letters to RJR-Nabisco and Philip Morris asking the companies to explain their marketing techniques in developing nations. The Corporation sent these letters in August. The ACSR will make no further recommendation until Harvard receives replies to these requests...
Last summer, the University learned that two of America's largest tobacco producers in which it owns stock--RJR and Philip Morris--practice unethical advertising in underdeveloped nations. Apparently surprised by this discovery, Harvard demanded an explanation and considered withdrawing its investment from the companies...
Philip Morris needs to lessen its dependence on the shrinking tobacco business, which now accounts for 52% of revenues; the Kraft acquisition would bring that level down to 39%. Moreover, Kraft has products like Miracle Whip and Philadelphia Brand cream cheese that have taken up permanent residence in * American refrigerators. Since Kraft products do not compete with those made by Philip Morris' General Foods subsidiary, Philip Morris argues that the merger would pose no antitrust problems...
...company to assume excessive debt. The proposed buyout of RJR Nabisco, for example, could load the company with enough debt to make it vulnerable to rising interest rates and a recession. Since Philip Morris will borrow about $9 billion to buy Kraft, its obligations too could become uncomfortable. The tobacco conglomerate is confident, however, that its cigarette business will generate enough cash to pay off its debts...
...tobacco industry has similar worries: that either party might resort to raising the national cigarette tax, which has already gone up from 8 cents a pack to 16 cents in the past five years. R.J. Reynolds Tobacco channeled $100,000 to the Republican Party, but that was offset when a Reynolds tobacco heir, Smith Bagley, donated $100,000 to the Democrats. "Many big corporations give both parties $100,000," says a Republican fund raiser...