Reynolds Sells Pipe Tobacco, Roll-Your-Own Biz

Source from:  MarketNewsVideo.com 01/17/2011

Reynolds American said it has agreed to sell its Lane Limited business to Scandinavian Tobacco Group for $205 million in cash. Lane manufactures a variety of tobacco products, including Kite and Bugler roll-your-own tobacco, and Captain Black pipe tobacco, and contributes $0.04 per share to Reynolds Americans annual earnings. Reynolds American ( RAI - news - people ) said the sale allows it devote energy and resources to primary growth categories within its businesses. Reynolds American shares are trading up slightly Friday. Rival Altria Group ( MO - news - people ) is trading up almost .1% Friday, while Lorillard trades up nearly .1% as well. Enditem