ITC acquires controlling stake in US firm King Maker
06 Nov 2006
Mumbai: ITC Ltd has increased its shareholding in King Maker Marketing Inc. (KMM) of the US, from 50 per cent to 50.98 per cent, effective October 25, 2006. Consequently, the company has become a subsidiary of the company from the said date, IT said in a filing with the Bombay Stock Exchange.
KMM, which is primarily in the business of distribution of tobacco products, is a leading supplier of premium quality, value-priced cigarettes and roll-your-own (RYO) tobacco. The company''s product lines, which include the Checkers, Hi-Val and Gold Crest, are made using 100 per cent American blend tobaccos to ensure a smooth taste and consistent quality.
KMM currently sells cigarettes and RYO tobacco to candy and tobacco distributors in more than 45 states around the United States, and sells RYO tobacco to licensed retailers as well.
KMM is a participant in the master settlement agreement between the tobacco industry and 46 states, and is in full compliance with the marketing restrictions and other regulatory provisions stipulated by the agreement.
Based in Paramus, New Jersey with distribution centers in New Jersey and Illinois, KMM is owned by the Finkles and ITC Ltd.
ITC is the market leader in cigarettes in India with a wide range of valuable brands. It has a leadership position in every segment of the market. Its highly popular portfolio of brands includes Insignia, India Kings, Gold Flake, Navy Cut, Scissors, Capstan, Berkeley, Bristol and Flake.
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