After a steady decline in cigarette sales, Reynolds American Inc. announced Tuesday that it would buy Lorillard, Inc., the third-largest tobacco company in the U.S., for $27.4 billion.
Reynolds American is the manufacturer of Camel, Pall Mall, and American Spirit cigarettes. Lorillard, meanwhile, manufactures Newport's menthol-flavored cigarettes and e-cigarettes, which have both seen isolated growth in the last year, while overall cigarette consumption has declined by four percent, according to The Wall Street Journal.
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