September 27, 1989 |
RJR Nabisco Inc. announced today it is setting up headquarters on the Avenue of the Americas in New York, making the company's move out of Atlanta official. RJR Nabisco said in April it was planning to move from its suburban Atlanta headquarters to New York, and the company's top executives have been operating out of temporary offices in New York for several months while maintaining an office here. The tobacco and food giant moved to Atlanta from its longtime home in Winston-Salem, N.C.
March 13, 1989 |
RJR Nabisco Inc., the tobacco and food products giant that recently went private in a $24.7-billion buyout, said today that American Express Co. President Louis Gerstner Jr. will be its new chairman, president and chief executive officer. Gerstner, 47, heads up Amex's Travel Related Services Co. unit, which manages the company's lucrative charge card and travelers' check businesses. He will take office at RJR on April 3, replacing acting Chairman and Chief Executive J. Paul Sticht.
January 20, 1989 |
RJR Nabisco Inc.'s prospective new owner said today that it will sell the food-tobacco giant's holdings in South Africa, two days after Michigan withdrew from a fund used to help finance the record $24.53-billion takeover because of a new state law barring investments in that country. Kohlberg Kravis Roberts & Co.
July 16, 1990 |
RJR Nabisco Inc. said today it is beginning a $6.9-billion refinancing that will retire the debt-ladened company's most troublesome junk bonds and leave it with a more conservative balance sheet. The food and tobacco giant said $4.45 billion of its high-yield, high-risk junk bonds, issued to help finance its record $24.9-billion leveraged buyout last year, and $2 billion of other costly forms of debt will be replaced with lower-cost bank debt, preferred stock and new equity. Chairman Louis V.
April 24, 1991 |
RJR Nabisco Inc. said Tuesday that it earned $5 million in the first three months of 1991, the food and tobacco conglomerate's first quarterly profit since its $24.53-billion leveraged buyout two years ago. The results, a dramatic improvement over a $222-million loss in the first quarter of last year, reflected the success of RJR Nabisco's campaign to slash its debt and interest expenses.
June 2, 1988 |
RJR Nabisco Inc.'s Nabisco Brands Inc. subsidiary said Wednesday that it has reorganized into a holding company that has four relatively autonomous operating companies. The move will cut its corporate staff to 400 people from 2,000 by year end. But the company said the majority of its corporate staff will be assigned to the operating companies, although it said it will not know until later whether layoffs will be necessary. The company's Biscuit division is now Nabisco Biscuit Co.
March 29, 1988 |
RJR Nabisco Inc., awash with profits from its cigarette and consumer products units, said Monday that its board approved a plan to buy back more than $1 billion of its own shares. The company said it will hold a tender offer for up to 20 million shares at a price of not less than $52, nor more than $58, per share in cash. The offer is valued at somewhere between $1.04 billion and $1.16 billion, depending on the price eventually paid.