American Brands, Inc.
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This article is part of the Tobacco portal on Sourcewatch funded from 2006 - 2009 by the American Legacy Foundation. |
American Brands, Inc. was formerly the American Tobacco Company (ATC). ATC dropped "tobacco" from its name in 1969 and became "American Brands."
Description
The abbreviation for American Brands, Inc. is ABI. It is Delaware corporation whose principal place of business is located at 6 Stamford Forum, Stamford, CT 06904.(D. B., complaint, 4/94)
ABI's stock symbol is AMB.(Dow Jones, 7/26/94) Registered agent is U.S. Corporation Company, 32 Lockerman Square, Suite L-100, Dover, DE, 19901.(D.B., complaint, 4/94). Address, (1994): 1700 E. Putnam Ave., Old Greenwich, CT 06870; telephone: (203) 698-5000 (Value Line 5/20/94). ABI is the parent corporation of or the successor in interest to the American Tobacco Company (ATC) (D.B., complaint, 4/94). The ATC became American Brands (ABI) in 1969 (L. White, Merchants of Death, 1988).
American Brands, Inc. sold the American Tobacco Company to British American Tobacco Industries, PLC for $1 billion, announced April 26, 1994. In 1994, ATC had about 7% of the American cigarette market.(Clarion-Ledger/AP 4/27/94). The agreement between ABI and British American Tobacco Ind. PLC (for the sale of the ATC) has a "material adverse change clause" which stated that if the FDA regulated cigarettes and if there were any material change of the distribution land sale of cigarettes, British American Tobacco has latitude to reexamine the deal. (Dow Jones, 6/27/94).
Gallaher Tobacco Ltd. was a unit/subsidiary of American Brands, Inc. as of 1994.(Reuters, 5/13/94; Value Line 5/20/94). American Brands Inc. owns Gallaher Limited, through which it markets tobacco products, primarily in the United Kingdom.= (5/94)(Nast SFI 5/94)
ABI and the ATC keep separate accounting records and bank accounts, file separate tax returns, and are independently managed.(M. Lyon Aff. 6/2/94)
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