R.J. Reynolds Raising Prices On Camel, Other Cigarettes
29 October 2009 - 1:20AM
Dow Jones News
R.J. Reynolds is raising prices on Camel, Kool and other
cigarette brands, joining competitor Philip Morris USA in
continuing to boost prices to offset volume declines.
R.J. Reynolds is a unit of Reynolds American (RAI). The company
is raising wholesale prices on brands such as Camel, Kool, Winston,
Salem, Pall Mall and Doral by six cents a pack. Prices on some
other brands such as Capri and Lucky Strike will go up by eight
cents a pack.
Earlier this week, Altria Group Inc.'s (MO) Philip Morris USA
unit announced price hikes on Marlboro and other cigarettes. For
years, cigarette makers in the U.S. have faced falling volumes,
hurt by smoking bans and higher taxes. They have sought to shore up
profits by steadily hiking prices.
-By Anjali Cordeiro, Dow Jones Newswires; 212-416-2200;
anjali.cordeiro@dowjones.com