British American Tobacco announces its acquisition of Reynolds American
WINSTON-SALEM, N.C. — British American Tobacco has completed its purchase of the 57.8 percent of Reynolds American Inc. that it doesn’t own.
The company announced the completion on its website Tuesday, saying the acquisition “creates a stronger, global tobacco and Next Generation Products company.”
Nicandro Durante, chief executive of British American Tobacco, commented on the acquisition:
“This is a transformational deal. We will take the best of the best from both businesses across all areas to create a stronger, more sustainable company. We are pleased to welcome Reynolds group employees to British American Tobacco and look forward to progressing what we are confident will be a smooth integration. Work has already begun to realize the projected cost synergies and we are committed to driving continued, sustainable profit growth and returns for shareholders long into the future.”
The company now represents some of the biggest selling tobacco brands on the planet, including Pall Mall, Camel, Newport, Lucky Strike, Rothmans and Kent.
Read the release here.