Imperial Brands

Imperial Tobacco building in Raleigh Road, Bristol, constructed in 1912

The Imperial Tobacco Company was created in 1901 through the amalgamation of 13 British tobacco and cigarette companies: W.D. & H.O. Wills of Bristol (the leading manufacturer of tobacco products at that time), John Player & Sons of Nottingham, and 11 other independent family businesses, which were in competition with companies from the United States by the American Tobacco Company.[7][8] First W. D. & H. O. Wills of Bristol merged with Stephen Mitchell & Son of Glasgow. Subsequently, other smaller companies including Lambert & Butler, William Clarke & Son, Franklyn Davey, Edwards Ringer & Bigg, Hignett Brothers, Hignett's Tobacco, Adkins & Sons, Richmond Cavendish, D&J MacDoland, and F&J Smith joined in the amalgamation. In 1904, James & Finlay Bell Ltd merged with Stephen Mitchell & Son. The Company's first chairman was Sir William Henry Wills, Bt. of the Wills Company.[7]

A 2-ounce (57 g) tin for J&F Bell "Three Nuns" tobacco

In 1902, the Imperial Tobacco Company and the American Tobacco Company agreed to form a joint venture: the British-American Tobacco Company Ltd.[7] The parent companies agreed not to trade in each other's domestic territory and to assign trademarks, export businesses, and overseas subsidiaries to the joint venture. It built the Imperial Tobacco Company Building at Mullins, South Carolina, between 1908 and 1913.[9] It also established its own leaf-buying organization in the United States through its building, the Imperial Tobacco Warehouse, in Durham, North Carolina, which is now owned, and has been renovated by, Measurement Incorporated. American Tobacco sold its share in 1911, but Imperial maintained an interest in British American Tobacco until 1980.[7] In 1973, the Imperial Tobacco Company, having become increasingly diversified by acquisition of (amongst others) restaurant chains, food services and distribution businesses, changed its name to Imperial Group.[10]

In 1910, Imperial Tobacco formed the Imperial Tobacco Company of India.[11]

In 1985, the company acquired the Peoples Drugstore chain and all subsidiaries from A. C. Israel.[12] In 1986 the Company was acquired by the conglomerate Hanson Trust plc for £2.5billion.[13] Divestments during the period of ownership by Hanson included Courage Brewery to Elders, Golden Wonder to Dalgety, Finlays to Arunbhai J. Patel, the wholesaling arm of Sinclair & Collis to Palmer & Harvey, Imperial Hotels and Catering to Trust House Forte and Ross Frozen Foods to United Biscuits. This also led to a dispute over pension payments to employees, as seen in Imperial Group Pension Trust Ltd v Imperial Tobacco Ltd.[14] In 1996, following a decision to concentrate on core tobacco activities, Hanson de-merged Imperial and it was listed as an independent company on the UK stock exchange.[15]

The Reemtsma head office in Hamburg, Germany, pictured July 2009

In 2003, Imperial acquired the world's then fourth-largest tobacco company, Reemtsma Cigarettenfabriken GmbH of Germany: the deal added brands such as Davidoff, Peter Stuyvesant, and West to its portfolio.[16] In 2007, Imperial Tobacco entered the United States tobacco market with its $1.9-billion acquisition of Commonwealth Brands Inc., then the fourth-largest tobacco company in the US.[17] In February 2008, Imperial acquired the world's then fifth-largest tobacco company, Altadis, whose brands included Fortuna, Gauloises Blondes, and Gitanes.[18] A number of factory closures were subsequently announced, including the long-running cigar factory in Bristol.[19]

Following the Scottish Parliament's decision in January 2010 to ban the display of tobacco products in shops, as well as the availability of tobacco vending machines in public buildings with effect from autumn 2011, Imperial Tobacco attempted to challenge the change in the law on the grounds that regulations of the sale goods rested with the Houses of Parliament in Westminster. However, this case was dismissed on 30 September 2010 by Lord Bracadale in the Court of Session in Edinburgh.[20]

In 2011, Altadis USA Inc. said it would add to its Fort Lauderdale, Florida, headquarters and move Commonwealth Brands Inc. employees from Bowling Green, Kentucky.[21] The company's name changed to Commonwealth-Altadis Inc.[22]

In 2013, Imperial opened a new global headquarters in Bristol.[23]

In April 2014, Imperial announced the closure of its long-running Horizon factory in Nottingham. The factory closed in 2016, marking the end of cigarette production in England.[24]

On 15 July 2014, Reynolds American agreed to buy Greensboro, North Carolina-based Lorillard Tobacco Company, for $27.4 billion.[25] The deal also included the sale of the Kool, Winston, Salem, and blu eCigs brands to Imperial for $7.1 billion.[26] In November 2014, Imperial said Commonwealth-Altadis and the Lorillard operations being acquired would be called ITG Brands LLC.[27] The deal with Lorillard was completed on 12 June 2015, and as part of the deal, Greensboro became the location of the ITG headquarters.[28] On 1 November 2018, ITG announced production would move from the former American Tobacco Company plant in Reidsville, North Carolina, built in 1892 and later expanded, to Greensboro by 2020. The plant made USA Gold, Sonoma, Montclair and Rave.[29]

Former logo of the company, used until 2016 when it changed to "Imperial Brands"

In February 2016 Imperial changed its name to "Imperial Brands" to distance itself from tobacco.[30]

In 2018 a subsidiary, Imperial Brands Ventures, took a stake in Oxford Cannabinoid Technologies which is licensed by the UK government to develop cannabis-based medicines.[31]

After searching for a new chairman since February, the company announced its senior independent director Thérèse Esperdy would take the role.[32]

In November 2019, Imperial Brands said it would reduce its investment in vaping products for at least the coming year as it reported a decline in underlying earnings. Adjusted earnings per share of 273.3p in the 12 months to 30 September were up 0.4% on last year, or down 1.6% on a constant-currency basis, having guided to flat at constant currencies in a pre-close trading update-cum-profit-warning in September.[33] As of November, Imperial Brands shares have an 11.5% dividend yield.[34]

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  Fortuna cigarettes packet
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  Packets of Gauloises Blondes cigarettes
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  A Montecristo cigar
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  A packet of Drum tobacco
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  Rizla+ King Size Silver Slims
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  Skruf snus