Sign In
Free Newsletter
Altria settles 6,000 Juul-related lawsuits for $235M
Henrico County-based Altria Group Inc. has settled at least 6,000 state and federal lawsuits related to Juul Labs Inc. for $235 million, the Fortune 500 tobacco manufacturer announced Wednesday. The settlements will be paid in the second quarter of 2023. Altria purchased a 35% stake in e-cigarette company Juul for $12.8 billion in 2018. Months […]
Altria to buy NJOY Holdings for $2.75B
Henrico County-based Altria Group Inc. has entered into a definitive agreement to acquire e-vapor maker NJOY Holdings Inc. for approximately $2.75 billion in cash, with a potential additional $500 million in payments, Altria announced Monday. “We believe we can responsibly accelerate U.S. adult smoker and competitive adult vaper adoption of NJOY Ace in ways that […]
Altria strikes $150M deal with Japan Tobacco
Altria Group Inc., the Henrico County-based tobacco giant, announced Thursday it is partnering with Japan Tobacco Group to sell heated tobacco products in the U.S. and worldwide, placing Altria in direct competition with Juul Labs Inc. and Philip Morris International Inc. The $150 million deal, in which Altria subsidiary Philip Morris USA has a 75% […]
Juul settles with Va., 32 other states for $438.5M
After a two-year investigation, ongoing federal scrutiny and numerous lawsuits, Juul Labs Inc. tentatively settled with Virginia, 32 other states and Puerto Rico for $438.5 million on Tuesday. Virginia will receive $16.61 million over the next six to 10 years, state Attorney General Jason Miyares announced Tuesday, but the larger impact may be on Henrico […]
Virginia companies weigh office returns
Many companies in Virginia are taking a flexible approach on whether employees must return to work in offices or continue working remotely or via hybrid models. For instance, Capital One Financial Corp., the McLean-based credit card company, is planning to reopen its U.S. offices in a hybrid model on Sept. 6. Capital One delayed its […]
Broadened horizons
Virginia Business’ 2022 Virginia CFO of the Year award winners represent large and small businesses and large and small nonprofits. Large business | Sal Mancuso, executive vice president and CFO Altria Group Inc., Henrico County A first-generation college graduate whose father immigrated to this country from Sicily, Italy, as a teenager, Sal Mancuso believes it’s […]
FDA moves toward menthol cigarettes ban
The Food and Drug Administration said Thursday that it plans to ban sales of menthol cigarettes, a billion-dollar industry in which Philip Morris USA has a 9.4% market share. Philip Morris USA, a subsidiary of Henrico County-based Altria Group Inc., manufactures Marlboro menthol cigarettes among its other brands, but R.J. Reynolds Tobacco Co.’s Newport cigarettes […]
Richmond casino sites are up for grabs
With a future casino at least temporarily off the table in Richmond, two of the three land parcels that hopeful developers had been eyeing as future casino sites are back on the market, while the third will remain a movie theater. In spring 2021, city officials selected Urban One Inc.’s proposal to build a $565 […]
Altria can’t sell IQOS device in U.S. after ITC ruling stands
Henrico County-based Altria Group Inc. and former subsidiary New York-based Philip Morris International Inc. can no longer sell the IQOS tobacco heating device in the U.S. after the Biden administration’s 60-day administrative review process concluded Monday. On Sept. 29, the U.S. International Trade Commission determined that the IQOS device violated two of rival R.J. Reynolds […]
Altria names two new board members
Henrico County-based Altria Group Inc. announced the elections of two board members Wednesday and its third quarter earnings Thursday. Marjorie M. Connelly and R. Matt Davis joined Altria‘s board of directors. “Both Marge and Matt bring a tremendous amount of senior-level public company experience,” Altria Board Chair Kathryn McQuade said in a statement. “I believe […]
Altria to sell winemaking division for $1.2B
Henrico County based Altria Group Inc. announced Friday that it has entered into a definitive agreement to sell its Ste. Michelle Wine Estates winemaking division for $1.2 billion to New York-based private equity firm Sycamore Partners Management LP in an all-cash deal. The deal is expected to close by the end of this year. The […]
Altria names first woman as board chair
Kathryn B. McQuade will be the first woman to chair Altria Group Inc.‘s Board of Directors, the Henrico County-based tobacco product manufacturing company announced Monday. She will be elected at the conclusion of Altria‘s annual shareholders meeting May 20. McQuade joined the board in 2012 and replaces Thomas F. Farrell II, who died in April […]
