UST Inc.

Last updated
UST Inc.
Industry Tobacco products
Founded1986
Defunct2009
Successor Altria
Headquarters Stamford, Connecticut, USA
Key people
 Murray S. Kessler, Executive Chairman, CEO, President, & COO
Products Smokeless tobacco, wine
RevenueIncrease2.svg$1.48 billion USD (2007) [1]
Number of employees
4,610 (2007) [2]

UST Inc. [3] was a holding company, [4] the biggest producer of snuff and chewing tobacco, [5] whose subsidiaries included U.S. Smokeless Tobacco Company and International Wine & Spirits Ltd., which in turn is a holding company of Chateau Ste. Michelle Wine Estates, a vintner of premium wines. On January 6, 2009, UST Inc. was purchased by Altria.

History

United States Tobacco Co. existed before the American Tobacco Co. acquisition. UST was founded as the United States Tobacco Co. in 1911, Richmond, Va., [6] [7] after the US Supreme Court dissolved the American Tobacco Company trust as a monopoly [8] and in violation of the Sherman Anti-Trust Act of 1890. Weyman-Bruton Company incorporates in 1911, acquires the United States Tobacco Company in 1921 and becomes the United States Tobacco Company in 1922, [9] [10] relocates from New York City [11] [12] [13] [14] to Greenwich, [15] Connecticut in 1970, later [16] creating the holding company in 1986. The company is incorporated in Delaware, and in the fall of 2006 announced it would move its headquarters from Greenwich, Connecticut to Stamford, Connecticut.

It operated a video company Cabin Fever Entertainment, which was in existence for ten years from 1988 to 1998, [17] as well as a video branch Razzmatazz Entertainment, which was in operation from 1996 to 1998 mostly to release kids videos, [18] and feature film distributor Cabin Fever Films, which was mainly used to distribute feature films for the theatrical market. [19] In 1998, both video subsidiaries were folded into Hallmark Home Entertainment. [20]

In 2005, UST was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush. [21] [22] [23]

UST reported having an average of 5,111 employees in 2005. That year, UST had a $534 million profit on sales of $1.85 billion.

On November 2, 2006, UST promoted president and chief operating officer Murray S. Kessler to chief executive officer effective January 1, 2007. Vincent Gierer Jr., who had been CEO since 1993, remained chairman of the board of directors.

UST manufactures smokeless tobacco in Nashville, Tennessee; Hopkinsville, Kentucky; and Franklin Park, Illinois. It also owns vineyards in Washington state and California.

UST held 62.4 percent of the smokeless tobacco market as of the third quarter of 2006, according to an Oct. 26, 2006 report by Morningstar. UST's primary competitors include the American Snuff Company subsidiary of Reynolds American, and Swedish Match.

Effective January 6, 2009, Altria acquired all outstanding shares of UST Inc. (UST), shareholders of UST are entitled to receive $69.50 in cash without interest and less any applicable withholding tax, for each share of common stock held at the effective time of the merger. [24]

Related Research Articles

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Altria Group, Inc. is an American corporation and one of the world's largest producers and marketers of tobacco, cigarettes, and medical products in the treatment of illnesses caused by tobacco. It operates worldwide and is headquartered in Henrico County, Virginia, just outside the city of Richmond.

<span class="mw-page-title-main">Snus</span> Moist tobacco product placed under the upper lip

Snus is a smokeless tobacco product that is used by placing it bumb hole the upper lip and gum to absorb for extended periods. Snus is not fermented. Although used similarly to American dipping tobacco, snus does not typically result in the need for spitting, and, unlike naswar, snus is steam-pasteurized.

<span class="mw-page-title-main">Swedish Match</span> Swedish multinational tobacco company

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<span class="mw-page-title-main">Chewing tobacco</span> Type of smokeless tobacco product

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Liggett Group, formerly known as Liggett & Myers Tobacco Company, is the fourth largest tobacco company in the United States. As of 2014, Liggett Group was the fourth largest American tobacco company by gross revenue, though it was considerably smaller than the top three. Its headquarters are located in Durham, North Carolina, though its manufacturing facility is 30 miles to the west in Mebane, North Carolina. The company is a subsidiary of holding company Vector Group.

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<span class="mw-page-title-main">U.S. Smokeless Tobacco Company</span> American company responsible for making smokeless tobacco

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<span class="mw-page-title-main">Smokeless tobacco</span> Tobacco product used by means other than smoking

Smokeless tobacco is a tobacco product that is used by means other than smoking. Their use involves chewing, sniffing, or placing the product between gum and the cheek or lip. Smokeless tobacco products are produced in various forms, such as chewing tobacco, snuff, snus, and dissolvable tobacco products. Smokeless tobacco is widely used in South Asia and this accounts for about 80% of global consumption. All smokeless tobacco products contain nicotine and are therefore highly addictive. Quitting smokeless tobacco use is as challenging as smoking cessation.

<span class="mw-page-title-main">Snuff (tobacco)</span> Smokeless tobacco type

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Murray S. Kessler is an American businessman. He has worked in the food, tobacco and pharmaceutical industries. He retired as President and Chief Executive Officer of a global consumer OTC self-care company in 2023. Previously, he was President, Chairman of the Board and Chief Executive Officer of the Lorillard Tobacco Company before it was purchased by Reynolds American. Before that he was President, Chairman of the Board and Chief Executive Officer of UST, Inc. Kessler also served as the President of the United States Equestrian Federation, the national governing body for equestrian sports in the United States.

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References

  1. ↑ "UST : Summary for ProShares Ultra 7-10 Year Treas - Yahoo Finance". yahoo.com. Retrieved 13 October 2018.
  2. ↑ "UST Profile - ProShares Ultra 7-10 Year Treas Stock - Yahoo Finance". finance.yahoo.com. Retrieved 13 October 2018.
  3. ↑ "Articles about United States Tobacco Co - latimes". Los Angeles Times. Retrieved 13 October 2018.
  4. ↑ "United States Smokeless Tobacco Company - SourceWatch". www.sourcewatch.org. Retrieved 13 October 2018.
  5. ↑ Beck, Joan (19 May 1996). "TOBACCO COMPANIES ARE LOUSY CORPORATE CITIZENS". Chicago Tribune. Retrieved 13 October 2018.
  6. ↑ "United States Tobacco Journal". BMT Publications. 13 October 2018. Retrieved 13 October 2018– via Google Books.
  7. ↑ "Investment Grade Collectibles at Auction" (PDF). Retrieved 2024-01-19.
  8. ↑ Borio, Gene (13 October 2018). "Tobacco History". archive.tobacco.org. Retrieved 13 October 2018.
  9. ↑ "UST Inc. -- Company History". www.company-histories.com. Retrieved 13 October 2018.
  10. ↑ "1956 Ad United States Tobacco Co King Sano Cigarettes - ORIGINAL ADVERTISING TM6". Period Paper. Retrieved 13 October 2018.
  11. ↑ ""United States Tobacco Co." Letterhead Invoices Copenhagen & More 4 Invoices - eBay". eBay. Retrieved 13 October 2018.
  12. ↑ Miller, Stephen (19 October 2010). "U.S. Tobacco's Chief Made Dipping Hip". The Wall Street Journal. Retrieved 13 October 2018.
  13. ↑ Kostygina, Ganna; Ling, Pamela M. (2016). "Tobacco industry use of flavourings to promote smokeless tobacco products". Tobacco Control. 25 (Suppl 2): ii40–ii49. doi:10.1136/tobaccocontrol-2016-053212. PMC   5433525 . PMID   27856998.
  14. ↑ "1942 Ad Model Pipe Smoking United States Tobacco WWII Navy Sailor Wartime LF4". Period Paper. Retrieved 13 October 2018.
  15. ↑ "U.S. Tobacco boosts price on chewing tobacco". upi.com. Retrieved 13 October 2018.
  16. ↑ "1.87.168 - Can, Tobacco (9345) - Artifacts from our Collection - Waseca County History Center". www.historical.waseca.mn.us. Retrieved 13 October 2018.
  17. ↑ "...newsline..." (PDF). Billboard . 1988-08-13. p. 108. Retrieved 2022-01-08.
  18. ↑ Applefield Olsen, Catherine (1996-08-17). "Home Video" (PDF). Billboard . p. 66. Retrieved 2022-01-08.
  19. ↑ Sandler, Adam (1993-11-05). "Feature fever hits vid's Cabin". Variety. Retrieved 2023-08-04.
  20. ↑ Goldstein, Seth (1998-03-21). "Handleman Loses Handle On Video; Hallmark Gets A Case Of Cabin Fever" (PDF). Billboard . p. 91. Retrieved 2022-01-08.
  21. ↑ Drinkard, Jim (2005-01-17). "Donors get good seats, great access this week". USA Today. Retrieved 2008-05-25.
  22. ↑ "Financing the inauguration". USA Today. 2005-01-16. Retrieved 2008-05-25.
  23. ↑ "Some question inaugural's multi-million price tag". USA Today. 2005-01-14. Retrieved 2008-05-25.
  24. ↑ "Wayback Machine has not archived that URL" . Retrieved 2023-04-12.[ dead link ]
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