Jump to full article: Reuters, 2002-02-22
Intro: Canadian cigarette maker Rothmans Inc. (Toronto:ROC.TO) said on Friday it will look for acquisitions in the next 12 months in North America and Europe.
``Our eyes are open and our hands are on our wallets,'' Chief Executive John Barnett told a conference call for analysts.
Experts say Rothmans needs to acquisitions to increase its sales, which have averaged 1 percent increases over the past four years. Late last year, Rothmans lost a bid to buy privately owned Santa Fe Natural Tobacco to giant R.J. Reynolds (NYSE:RJR).
Rothmans, whose subsidiary Rothmans Benson & Hedges is Canada's No. 2 cigarette maker, said on Friday its third-quarter profits rose sharply because of cost reductions and higher cigarette prices, despite declining volumes.
Jump to full article » |