Lorillard CEO: No Need to Venture Beyond Cigs

Source from:  Business Week 05/06/2011

Lorillard CEO Murray Kessler says there's no immediate need for the cigarette maker to venture into other forms of tobacco like its competitors. In a presentation Wednesday, Kessler said the nation's third-largest cigarette maker will continue to focus on its core business. Its flagship Newport brand holds about 35 percent of the menthol cigarette market. When Kessler joined Lorillard in September, he began a strategic review of the business. He said the Greensboro, N.C.-based company took a hard look at smokeless tobacco and cigars but said it isn't imperative to move into those categories right now. Lorillard's have begun focusing on other products like smokeless tobacco and cigars as cigarette volumes have declined. However, Lorillard has seen its volumes increase while its competitors have seen volumes fall. Enditem