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A smokeless, spitless alternative to cigarettes

By TIMES WIRES
Published May 4, 2006

Philip Morris USA, the nation's largest cigarette company, said Wednesday it plans to test a smokeless, spitless tobacco product this summer in Indianapolis.

The news follows Reynolds American Inc.'s announcements last week that it would test-market a spitless tobacco called Camel Snus (pronounced "snoose") and would buy Conwood, a private smokeless tobacco company, for $3.5-billion.

Philip Morris said Taboka is designed for adult smokers who are interested in smokeless tobacco alternatives but not necessarily the "chewing, dipping and spitting" products on store shelves.

"This is just the beginning for Philip Morris, and depending on the success of this new product ... we expect the company to organically launch a full range of other smokeless tobacco products," Citigroup analyst Bonnie Herzog said in a report. Organic growth typically refers to growth that is not fueled by mergers and acquisitions.

Publisher Hollinger to change name?

Newspaper publisher Hollinger International Inc., the parent company of the Chicago Sun-Times and a number of smaller area publications, wants to change its name. The company said it will ask shareholders to vote on the new name - the Sun-Times Media Group Inc. - at its annual meeting on June 13. The switch would allow the Chicago-based company to distance itself from legal problems associated with the Hollinger name.

Other chatter

RAYTHEON CEO WON'T GET RAISE: Raytheon Co., the world's largest missilemaker, said it won't raise CEO William Swanson's 2006 salary after he lifted material for a booklet on management principles from a 62-year-old text. The company's board also decided to reduce the amount of restricted stock Swanson can receive by 20 percent. Swanson was paid a $1.12-million salary and $2.96-million in restricted stock in 2005.

Information from the Associated Press was used in this report.

[Last modified May 4, 2006, 08:16:18]