Reynolds American Agrees to Buy Conwood for $3.5 Bln

Reynolds American Inc., the second- largest U.S. cigarette maker, agreed to buy Conwood for $3.5 billion to jump into the smokeless tobacco business.

Conwood is the second-largest U.S. manufacturer of smokeless products with the Kodiak and Grizzly brands, Winston-Salem, North Carolina-based Reynolds American said today in a statement. Conwood is being sold by Chicago’s Pritzker family, which controls assets including the Hyatt hotel chain. Read the Bloomberg article here.