IMPERIAL BRANDS PLC 26 February, 2015
On 15 July 2014, Imperial Tobacco Group PLC (the "Company") announced that it and its wholly owned subsidiary, ITG Brands, LLC ("ITG Brands") (formerly Lignum-2, L.L.C.), had entered into an agreement with Reynolds American Inc. in relation to the proposed acquisition of certain US cigarette and e-cigarette brands and assets currently owned by Reynolds American Inc. and Lorillard, Inc.
The Company is pleased to announce that following a Board-led process, David Taylor, currently Executive Vice President, Finance and Planning, and Chief Financial Officer of Lorillard, will become Chief Executive of ITG Brands following completion of the acquisition.
David has held his position at Lorillard since 2008 and has been instrumental in building Lorillard's track record of growth. He has a wealth of experience and has been actively involved in preparing for the launch of ITG Brands.
The Company also announces that Martin Orlowsky has voluntarily resigned due to differences with the Company's management style.
Alison Cooper, Chief Executive of Imperial Tobacco Group, said: "I'm delighted to confirm the appointment of David and would like to thank Marty for the tremendous contribution he has made throughout the deal process. David has a great track record of success and possesses the right skills and expertise to lead ITG Brands. Our commercial and operational plans are well-advanced and we continue to make excellent progress with integration planning. Regulatory approval for the deal is expected in the spring and under David's leadership we look forward to establishing ITG Brands as a major competitive player in the US tobacco market."
ENDS
For further information please contact:
Matt Sharff, Investor Relations Manager +44 (0) 7964 110921
Jo Brewin, Investor Relations Manager +44 (0) 7791 975974
Alex Parsons, Director of Group Communications +44 (0) 7967 467241
Imperial Tobacco Group PLC is a multi-national tobacco company, with international strength in cigarettes and world leadership in fine cut tobacco, premium cigars, rolling papers and tubes. The Group has 44 manufacturing sites and around 33,000 employees and operates in over 160 markets.
In accordance with LR10.4.2R(2), the Company confirms that, save as disclosed in this announcement, there has been no significant change affecting any matter contained in the announcement dated 15 July 2014 and no other significant new matter has arisen which would have been required to be mentioned in that announcement if it had arisen at the time of its preparation.
Cautionary Statement
Certain statements in this announcement constitute or may constitute forward-looking statements. Any statement in this announcement that is not a statement of historical fact including, without limitation, those regarding the Company's future expectations, operations, financial performance, financial condition and business is or may be a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this announcement. As a result, you are cautioned not to place any reliance on such forward-looking statements. The forward-looking statements reflect knowledge and information available at the date of this announcement and the Company undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein. Nothing in this announcement should be construed as a profit forecast or profit estimate and no statement in this announcement should be interpreted to mean that the future earnings per share of the Company for current or future financial years will necessarily match or exceed the historical or published earnings per share of the Company. This announcement has been prepared for, and only for, the members of the Company, as a body, and no other persons. The Company, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this announcement is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed.
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