UST Inc.

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UST Inc.
Industry Tobacco products
Successor Altria
Founded 1986
Defunct 2009
Headquarters Stamford, Connecticut, USA
Key people
Murray S. Kessler, Executive Chairman, CEO, President, & COO
Products Smokeless tobacco, wine
Revenue Increase$1.48 billion USD (2007)[1]
Number of employees
4,610 (2007)[2]

UST Inc. was a holding company whose subsidiaries included U.S. Smokeless Tobacco Company and International Wine & Spirits Ltd., which in turn is a holding company of Chateau Ste. Michelle Wine Estates, a vintner of premium wines. On January 6, 2009 UST Inc. was purchased by Altria.

UST was founded as the United States Tobacco Co. in 1911, and created the holding company in 1986. The company is incorporated in Delaware, and in the fall of 2006 announced it would move its headquarters from Greenwich, Connecticut to Stamford, Connecticut.

In 2005, UST was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[3][4][5]

UST reported having an average of 5,111 employees in 2005. That year, UST had a $534 million profit on sales of $1.85 billion.

On November 2, 2006, UST promoted president and chief operating officer Murray S. Kessler to chief executive officer effective January 1, 2007. Vincent Gierer Jr., who had been CEO since 1993, remained chairman of the board of directors.

UST manufactures smokeless tobacco in Nashville, Tennessee; Hopkinsville, Kentucky; and Franklin Park, Illinois. It also owns vineyards in Washington state and California.

UST held 62.4 percent of the smokeless tobacco market as of the third quarter of 2006, according to an Oct. 26, 2006 report by Morningstar. UST's primary competitors include the American Snuff Company subsidiary of Reynolds American, and Swedish Match.

Effective January 6, 2009, Altria acquired all outstanding shares of UST Inc. (UST), shareholders of UST are entitled to receive $69.50 in cash without interest and less any applicable withholding tax, for each share of common stock held at the effective time of the merger.[6]

References[edit]

  1. ^ https://finance.yahoo.com/q/is?s=UST&annual
  2. ^ https://finance.yahoo.com/q/pr?s=UST
  3. ^ Drinkard, Jim (2005-01-17). "Donors get good seats, great access this week". USA Today. Retrieved 2008-05-25. 
  4. ^ "Financing the inauguration". USA Today. 2005-01-16. Retrieved 2008-05-25. 
  5. ^ "Some question inaugural's multi-million price tag". USA Today. 2005-01-14. Retrieved 2008-05-25. 
  6. ^ "http://investor.altria.com/phoenix.zhtml?c=80855&p=maOverview".  External link in |title= (help)