March 30, 2000 |
UST Inc., the No. 1 chewing tobacco seller, was ordered by a federal judge to pay $1.05 billion to competitor Conwood Co. for violating antitrust laws in promoting its Skoal and Copenhagen moist snuff brands. A federal court jury in Paducah, Ky., awarded Conwood $350 million, and U.S. District Judge Thomas Russell trebled the damages under antitrust law. UST said it will try to persuade Russell to throw out the verdict and will appeal if that bid fails.
November 26, 1998 |
Tobacco giant Philip Morris Cos. on Wednesday dusted off a massive stock buyback program that sat on the shelf for 19 months as it struggled to settle the smoking-related health claims U.S. states had lodged against tobacco companies. The nation's top cigarette maker, producer of best-selling Marlboro as well as such food and beverage labels as Kraft foods and Miller beer, said it plans to resume share repurchases under a three-year, $8-billion plan originally authorized in February 1997.
October 22, 1996
UST Inc. has sold its 76% stake in long-struggling Camera Platforms International Inc. to W/F Investment Corp., a Los Angeles concern. W/F has also arranged for a $850,000 line of credit for Camera Platforms. William Fleischman, chairman of W/F, has been named to Camera Platform's board of directors. Camera Platforms, based in Valencia, provides camera and lighting equipment to the entertainment industry. The company also plans to change its name to Shotmaker Inc.
July 25, 1995 |
A lawsuit was filed against makers of chewing tobacco and snuff Monday, accusing them of trying to hook young people in what experts said was the first action of its kind against the smokeless tobacco industry. The lawsuit, filed in federal court in Wichita, Kan., against United States Tobacco Co. and other defendants, claims that manufacturers of smokeless tobacco promoted products to teen-agers and hid the addictive nature of nicotine.
November 29, 1994 |
After a decade of big losses, studio equipment maker Camera Platforms International has announced it needs a buyer or merger partner. The company, started by "Smokey and the Bandit" director Hal Needham, managed to stagger through losses in recent years thanks largely to the financial support of UST Inc., a highly profitable tobacco company ("Skoal") based in Greenwich, Conn.