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Lorillard tobacco company – wikipedia, the free encyclopedia

Lorillard Tobacco Co. opened a new cigarette plant on East Market St. in Greensboro, NC in 1956, moving cigarette manufacturing from Jersey City, New Jersey and Richmond, VA.

Loews Corporation purchased Lorillard in 1967.

Testifying under oath before Congress in 1994, Lorillard’s CEO Andrew Tisch said that he didn’t believe that nicotine is addictive nor that cigarette smoking causes cancer. 6

In 1997, the firm’s headquarters moved to Greensboro from New York, New York. 7 The firm also manufactured cigarettes in Louisville, Kentucky.

In 1997, Lorillard was one of four entities to initiate negotiations leading to the 1998 Master Settlement Agreement between “Big Tobacco” and 46 U.S. states.

Loews created the Carolina Group as a holding company for its tobacco assets in 2002 it proceeded to sell a minority stake in Carolina on the New York Stock Exchange. Carolina was controlled by Loews until May 10, 2006, when Loews Corporation sold 15 million shares of Carolina Group, lowering its holding from a controlling 53.7% to a plurality 46.3%. 8 The sale is valued at approximately $740 million.

In 2008, Lorillard Tobacco was entered into a separation agreement with its parent company Loews, and became an independent publicly traded company.

In order to comply with FDA regulations, Lorillard had until June 22, 2010, to rebrand tobacco products marketed as “Lights”, “Ultra Lights”, “Medium”, “Mild”, “Full Flavor”, or similar designations to belie the false impression that some tobacco products are comparatively safe.

In December 2010, a Boston jury returned a $151 million verdict against Lorillard Tobacco Company for giving out free samples of cigarettes to children in urban housing projects in the 1950s. 9 The plaintiff, Marie Evans, was nine when she first received these samples, according to documents filed by her attorneys. She died of lung cancer before trial. 10

In April 2012, Lorillard purchased privately held electronic cigarette company, blu ecigs, for $135 million in cash, marking the first foray by the tobacco industry into the electronic cigarette market. The e cigarette company had about $30 million in revenue in 2010, with blu ecigs sold in more than 13,000 retail outlets, including Walgreens and Sheetz. 11

Cigarette camp edit

Camp Old Gold was one of the American Army camps established near Le Havre, France in World War II. As explained in “Introducton The Cigarette Camps” at the website, The Cigarette Camps The U.S. Army Caps in the Le Havre Area 12 13

The staging area camps were named after various brands of American cigarettes the assembly area camps were named after American cities. The names of cigarettes and cities were chosen for two reasons First, and primarily, for security. Referring to the camps without an indication of their geographical location went a long way to ensuring that the enemy would not know precisely where they were. Anybody eavesdropping or listening to radio traffic would think that cigarettes were being discussed or the camp was stateside, especially regarding the city camps. Secondly, there was a subtle psychological reason, the premise being that troops heading into battle wouldn’t mind staying at a place where cigarettes must be plentiful and troops about to depart for combat would be somehow comforted in places with familiar names of cities back home (Camp Atlanta, Camp Baltimore, Camp New York, and Camp Pittsburgh, among others). By war’s end, however, all of the cigarette and city camps were devoted to departees. Many processed liberated American POWs (Prisoners of War) and some even held German POWs for a while.

Restatement edit

On May 8, 2003, the company restated its financial statements in 2002 to reflect an adjustment to the Company’s historical accounting for CNA’s investment in life settlement contracts and the related revenue recognition. 14 On May 3, 2005, Loews Corp, the holding company of Carolina Group, announced to restate results for prior years to correct CNA’s accounting for several reinsurance contracts. 15