Vector Group

Last updated

Vector Group Ltd.
Company type Subsidiary
NYSE: VGR
IndustryDiversified holding
Genre Holding company
Founded1986(39 years ago) (1986). [1]
Founder Bennett S. LeBow
Headquarters Miami, Florida, U.S.
Key people
  • Bennett S. LeBow (chairman)
  • Howard Lorber (president and CEO)
  • Richard Lampen (Executive Vice President)
  • J. Bryant Kirkland III (Senior Vice President, Chief Financial Officer and Treasurer)
  • Marc N. Bell (Senior Vice President, General Counsel and Secretary)
Products Tobacco, real estate, property management [2]
Revenue$2.02 billion (FY 2020) [3]
$92.5 million (FY 2020) [3]
Total assets $1.34 billion (FY 2020) [4]
Number of employees
1,007 [4]
Parent Japan Tobacco
Subsidiaries Liggett Group LLC
New Valley LLC
Vector Tobacco [2]
Website vectorgroupltd.com
Footnotes /references
[5] [5] [5] [5]

Vector Group Ltd. is an American diversified holding company with two major businesses: Liggett Group [6] (tobacco) and New Valley (real estate). [7]

Contents

Bennett S. LeBow founded Vector Group in 1986. Since then, he has served as Chairman. Howard Lorber has served as the Company's President and Chief Executive Officer since 1994. [8]

Vector Group was previously called Brooke Group. [9]

In August 2024, Vector Group agreed to be acquired by Japan Tobacco (JT Group) to become a wholly owned consolidated subsidiary of JT. [10] The deal was completed in October 2024. [11]

Holdings

Subsidiaries

Founded in 1873, Liggett Group is the fourth-largest cigarette manufacturer in the U.S. [12] Liggett operates in the discount cigarette market. As of March 31, 2019, Liggett's family of brands represented a 14% share of the discount market. [13] Its core brands include: Pyramid, Grand Prix, Liggett Select, Eve, Eagle 20's, and Montego. [14] [15] Vector Tobacco is engaged in the manufacture of conventional cigarettes, based in North Carolina.

New Valley LLC (formerly known as Western Union) [16] is a diversified real estate company that acquires or invests in real estate properties or projects. It has invested in more than 30 real estate projects as of March 31, 2019. [13]

New Valley previously owned 100 percent [17] of Douglas Elliman, the largest residential real estate brokerage firm in the New York metropolitan area and fourth-largest residential brokerage firm in the U.S. [18] In December 2021, Vector Group completed the spin-off of Douglas Elliman into a standalone, publicly traded company. [19]

Office locations

Vector Group and New Valley's headquarters are in Miami, Florida [2] and they have an additional office in New York, New York. [20]

See also

References

  1. ↑ Fairclough, Gordon (June 26, 2000). "Liggett's Chief Breaks Rank Again At Tobacco Trial". Wall Street Journal. Retrieved September 27, 2016.
  2. 1 2 3 "Vector Group Ltd. 2016 Stockholders' Report" (PDF). Vector Group. Retrieved December 23, 2017.
  3. 1 2 "Vector Group Reports Fourth Quarter and Full Year 2018 Financial Results". Vector Group. February 28, 2019.
  4. 1 2 "ANNUAL REPORT". SEC. December 31, 2018.
  5. 1 2 3 4 "Vector Group Ltd". Bloomberg Markets. Bloomberg.com. Retrieved September 27, 2016.
  6. ↑ Ornstein, Charles (April 6, 2016). "Top Medical Journal Deflects Criticism of Withholding Data". ProPublica. Retrieved September 27, 2016.
  7. ↑ Clarke, Katherine (February 1, 2013). "Who really owns NYC's real estate firms?". The Real Deal. Retrieved September 27, 2016.
  8. ↑ Bockmann, Rich. "Howard Lorber and the art of brand management". The Real Deal. Retrieved September 27, 2016.
  9. ↑ Nina dos Santos (February 21, 2019). "Senate investigators pursue Moscow-based former Trump associate". CNN.com. Retrieved February 22, 2019.
  10. ↑ "JT Group to Acquire Vector Group Ltd". Businesswire. August 21, 2024.
  11. ↑ "JT Group Completes Acquisition of Vector Group Ltd". Businesswire. October 10, 2024.
  12. ↑ Hargreaves, Rupert (March 18, 2014). "Here's Why Vector Group is a Great Investment". Motley Fool. Retrieved September 27, 2016.
  13. 1 2 "FORM 8-K". SEC. May 31, 2019.
  14. ↑ Maloney, Jennifer; Harring, Alex (July 24, 2022). "Cheaper Beer, Cigarettes Gain Favor as Inflation Pinches Shoppers" . Retrieved January 21, 2024.
  15. ↑ Vanderford, Greg. "Invest In Vector Group For The Highest Yield In The Tobacco Industry". Seeking Alpha. Seeking Alpha. Retrieved October 26, 2015.
  16. ↑ Strom, Stephanie (October 9, 1994). "New Valley, Old Management". New York Times. Retrieved September 27, 2016.
  17. ↑ Bockman, Rich (August 18, 2015). "Douglas Elliman to market condos at HFZ's High Line project". The Real Deal. Retrieved September 27, 2016.
  18. ↑ Clarke, Katherine (July 12, 2016). "Compass wants investors to believe it's worth $1.3B". The Real Deal. Retrieved September 27, 2016.
  19. ↑ Bojnansky, Erik (December 31, 2021). "Vector Group completes Douglas Elliman spinoff". www.bizjournals.com. Retrieved January 21, 2024.
  20. ↑ "Offices in New York City". Douglas Elliman. Retrieved September 27, 2016.
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