Reynolds American and Lorillard shareholders overwhelmingly approved a blockbuster merger today/Wednesday.
It's a complex deal that shifts ownership of some of the industry's best-known brands. Reynolds is acquiring Newport, the second biggest seller in the U.S. and the biggest menthol brand. But Reynolds will also give up some of its biggest brands, including the Winston and Salem lines.
Reynolds spokesman David Howard says the last major hurdle to the deal is passing an anti-trust review by the Federal Trade Commission.
“I can't begin to speculate on how quickly they may act on anything, but as per our recent filings we expect the deal to close the first half of this year,” says Howard.
Howard says hundreds of manufacturing jobs will be added here once the deal closes.
“Bringing jobs to the Piedmont Triad region, obviously is very good news,” he says. “And positioning the company obviously for not only near- but long-term success in leading the transformation of the industry.”
If approved, the combined company would have three of the top four selling cigarette brands in Newport, Camels and Pall Malls.
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