Lorillard Tobacco Company
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Lorillard redirects here. For other uses of the term, see Lorillard (disambiguation).
| Lorillard, Inc. | |
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| Type | private company (owned by Carolina Group) |
|---|---|
| Founded | 1760 |
| Headquarters | Greensboro, NC, U.S.A. |
| Industry | Tobacco |
| Revenue |  $3.64 billion USD (2005) |
| Operating income | $1.02 billion USD (2005) |
| Net income | $623 million USD (2005) |
| Parent | Loews Corporation & Carolina Group |
| Website | www.lorillard.com |
Lorillard Tobacco Company is the 18th oldest company in the United States. They are the third largest American tobacco company and market cigarettes under the brand names Newport (the number one selling menthol cigarette in the U.S.), Maverick, Old Gold, Kent, True, Satin, and Max. As of 2005, Newport was also the number 2 selling cigarette brand in the United States.
Lorillard is a wholly-owned subsidiary of the Carolina Group (NYSE: CG), which until 2006 was controlled by Loews Corporation, a holding company. On May 10, 2006 Loews Corporation sold 15 million shares of Carolina Group, lowering its holding from a controlling 53.7% to a plurality 46.3%. [1] The sale is valued at approximately $740 million.
The company is named for its founder, Pierre Lorillard, who founded the company in 1760.
In 1997, Lorillard was one of four entities to initiate negotiations leading to the 1998 Master Settlement Agreement entered between "Big Tobacco" and 46 U.S. States.
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