Fact-checked by Grok 2 weeks ago

Vector Group

Vector Group Ltd. is a with operations in the manufacture and sale of cigarettes and investments. Through subsidiaries LLC and Vector Tobacco LLC, it produces and markets discount cigarette brands such as Eagle 20's, Pyramid, and Grand Prix, targeting the deep-discount segment of the U.S. market. The company maintains manufacturing facilities in and storage in , with headquarters in , Florida. Historically rooted in the Liggett tobacco operations dating to the , Vector Group has focused on high-volume, low-price , comprising a small but notable share of U.S. sales. Its arm, New Valley LLC, holds investments in multi-family residential properties, hotels, and commercial , providing diversification from the declining sector. In October 2024, Inc. acquired Vector Group, integrating it as a wholly owned to expand its discount brand portfolio in . This move followed Vector's strategic emphasis on amid regulatory pressures and shifting consumer habits in the .

History

Origins as Brooke Group

Brooke Group Ltd. originated from the investment activities of financier , who established Brooke Partners L.P. in 1980 as a vehicle for acquiring and restructuring distressed companies. This entity focused on opportunistic investments in undervalued assets, reflecting LeBow's approach to corporate turnarounds amid the wave of the era. In 1986, Brooke Partners acquired Liggett Group Inc., a historic tobacco manufacturer originally founded in 1822 as a producer in , for $137 million. Liggett had transitioned to cigarettes by the early but struggled with eroding , holding less than 2% of U.S. sales by the mid-1980s due to dominance by brands like Morris's and R.J. Reynolds's Winston. The acquisition positioned Brooke as a with as its core asset, though initial operations involved broader oversight of Liggett's production facilities and sales network. Facing intense competition and financial strain from acquisition-related debt, Liggett under Brooke shifted toward deep-discount and cigarettes, pricing them roughly 30% below full-priced brands starting in the early . This strategy aimed to capture price-sensitive consumers in a where premium producers controlled over 80% of volume through and , but it exposed Liggett to retaliatory pricing and wholesaler rebates from rivals. Early efforts included installing LeBow's associate William Weksel as Liggett's CEO to implement cost-cutting and focus on low-margin generics amid mounting operational debt.

1990s Restructuring and Tobacco Focus

In 1990, amid mounting debt from Liggett's aggressive against larger competitors, undertook a significant , renaming itself Brooke Group Ltd. and initially pursuing diversification into non-tobacco ventures to mitigate financial strain. This shift followed years of margin erosion, as Liggett had pioneered deep-discount cigarettes with the introduction of the brand in 1988, establishing a new low-price tier that pressured industry incumbents but strained its own through sustained price wars. By , operational realities— including persistent and limited diversification success—prompted a refocus on operations, emphasizing low-margin, high-volume deep-discount brands to secure in the expanding sub-premium segment. Liggett's strategy capitalized on sensitivity to , with further reductions in response to rivals' moves, such as Philip Morris's Friday cuts in 1993, which intensified industry-wide discounting but allowed Liggett to maintain a foothold among price-conscious smokers. Throughout the decade, this tobacco-centric adaptation involved targeted brand development and promotional pricing to compete in the generics and deep-discount categories, where Liggett's early innovations like provided a competitive edge despite oligopolistic pressures from premium players. In 1999, reflecting the streamlined structure now centered on subsidiaries, Brooke Group changed its name to Ltd., marking the culmination of efforts to consolidate around viable, low-price operations.

Post-2000 Developments and Divestitures

In response to ongoing regulatory pressures from the 1998 , which imposed payments and restrictions on participating manufacturers including Vector Group's Liggett , the company diversification strategies in the early 2000s. Vector established Vector Tobacco Inc. as a subsidiary dedicated to of reduced-risk cigarettes, aiming to mitigate health-related liabilities through genetically modified strains with lower levels. In November 2001, Vector Tobacco launched the brand nationwide, marketed as the first with reduced carcinogens while maintaining conventional taste and burn characteristics, backed by a $40 million promotional campaign. The product utilized proprietary to select varieties emitting fewer toxins during . Despite initial rollout to approximately 11,000 stores by early 2002, Omni faced limited consumer uptake and failed to achieve significant amid skepticism over efficacy claims and regulatory scrutiny. Vector Tobacco subsequently discontinued the Omni initiative, along with related brands like Quest, by the mid-2000s, shifting resources away from unviable reduced-risk R&D following the closure of supporting genetics operations in 2006. To counter tobacco segment headwinds, Vector Group formed New Valley LLC around 2003 as a holding entity for non-core investments, with an initial emphasis on opportunities to generate alternative revenue streams. New Valley pursued acquisitions and developments in commercial and residential properties, leveraging Vector's capital to build a amid declining cigarette volumes. By 2021, as holdings expanded to include the brokerage, Vector's board approved a of Inc. to streamline operations and concentrate on manufacturing, distributing shares to Vector shareholders on a tax-free basis. The transaction, completed on December 30, 2021, created an independent public company trading under NYSE: DOUG, allowing Vector to retain New Valley's other ventures while unlocking brokerage value for investors facing persistent regulatory and litigation risks.

Corporate Structure and Operations

Tobacco Segment

The tobacco segment operates through Liggett Group LLC and Vector Tobacco Inc., which manufacture and market discount cigarettes under brands including Eagle 20's, Montego, , , and Liggett Select, positioning the products as value-oriented options for price-sensitive smokers. These brands compete in the deep-discount category, where Vector Group has captured growing volumes amid overall U.S. cigarette declines, with unit rising 20% in 2022 to drive record segment revenues. Montego, in particular, has served as a primary growth engine by emphasizing ultra-low pricing in the sub-$5 per pack range, strengthening wholesale and retail positions against premium competitors. Manufacturing occurs at a modern facility in , spanning over 40 acres and producing more than 200 varieties with an emphasis on operational efficiencies to maintain competitive wholesale pricing. This focus enables the segment to serve budget-conscious consumers as industry-wide smoking rates fall, with Vector Group's discount strategy yielding a U.S. of 5.8% and wholesale share of 5.7% in recent periods, disproportionately concentrated in the discount tier where it holds an estimated 8-10% share. Liggett and Vector Tobacco benefit from exemptions under the 1998 Master Settlement Agreement (MSA), incurring no annual payments due to national market shares below the 1.5% threshold, in contrast to major producers facing billions in obligations. This structure—coupled with about one-third of volumes qualifying for further MSA relief—reduces compliance costs, allowing reinvestment in production and marketing to sustain profitability in a contracting market.

Real Estate Segment

New Valley LLC, a wholly-owned of Ltd., oversees the company's segment, concentrating on opportunistic investments in real estate projects across multifamily, buildings, hotels, and retail sites rather than direct operational brokerage or development. Following the December 2021 spin-off of Inc., which transferred active real estate services and operations to the independent entity, New Valley shifted toward passive holdings in joint ventures and direct investments, avoiding hands-on management or construction activities. As of June 30, 2024, New Valley's portfolio of venture investments totaled $116.8 million, down from $131.5 million at year-end 2023, reflecting a of selective deployment into high-barrier markets with potential for . These holdings generate income primarily through in from affiliates, amounting to $3.7 million in the third quarter of 2023, supporting broader corporate diversification amid segment fluctuations without pursuing aggressive development. New Valley's approach prioritizes ventures offering asymmetric risk-reward profiles, such as prior stakes in assets, though specific current property details are disclosed in Vector Group's periodic filings.

Other Investments

Vector Group's other investments primarily consist of a portfolio of marketable securities and short-term investments held for purposes. As of June 30, 2024, these assets, combined with equivalents, totaled approximately $579 million, including short-term investment securities valued at $141 million and long-term s at $46.8 million, measured at . These holdings, which include fixed-income securities and equities available for sale, are managed to support operational flexibility rather than generate significant operational income, with management retaining the option to sell prior to maturity based on market conditions. Historically, Vector Group maintained stakes in non-core sectors such as and through subsidiaries like New Valley LLC, but these were largely liquidated in the post-2010s period to streamline focus on and operations. Proceeds from such divestitures contributed to bolstering the company's , reducing exposure to volatile non-operational assets. By 2023, remaining other investments were minimal outside the securities portfolio, reflecting a strategic shift toward preserving capital for stability. These investments play a key role in maintaining for strategic acquisitions, operational needs, and shareholder returns. has sustained quarterly s of $0.20 per share since the early , funded in part by cash flows supplemented by yields and maturities from the securities portfolio, enabling consistent payouts even amid pressures. For instance, in the first half of 2024, operational cash provided $215.3 million, supporting $63.5 million in s while preserving investment principal. This approach underscores a conservative financial , prioritizing dividend reliability over aggressive expansion in ancillary areas.

Leadership and Governance

Executive Team

Howard M. Lorber served as President and of Vector Group Ltd. from 1994 until October 2024, overseeing major strategic initiatives including the repositioning of its tobacco subsidiary Liggett Group LLC toward deep-discount cigarette brands, which captured significant in the value segment through aggressive pricing tactics initiated in the . Lorber, with prior experience in and , guided the company's focus on operations following earlier restructurings and divestitures, emphasizing cost control and niche positioning amid industry pressures. Under Lorber's leadership, completed the tax-free spin-off of its real estate brokerage subsidiary Inc. on December 29, 2021, distributing shares to Vector shareholders and establishing as an independent listed on the NYSE. This transaction streamlined Vector's holdings toward its core tobacco and investment activities. Following Japan Tobacco's acquisition of on October 7, 2024, for $2.4 billion, Lorber transitioned out of his role, concluding nearly three decades of executive tenure. Richard J. Lampen has held the position of Executive Vice President and Chief Operating Officer since July 1996, managing day-to-day operations, legal affairs, and capital allocation decisions across Vector's segments, including investments in special-purpose acquisition companies and ventures prior to divestitures. Lampen's responsibilities encompassed compliance with master agreements and optimization of for returns through dividends and buybacks. J. Bryant Kirkland III joined Vector Group in 1992 and has served as Senior Vice President, Chief Financial Officer, and Treasurer since April 2006, handling financial reporting, treasury functions, and for the holding company's operations. Kirkland's tenure included oversight of fiscal strategies during the tobacco segment's emphasis on discount products and the 2021 Douglas Elliman separation.

Board Composition and Compensation

The Board of Directors of Vector Group Ltd. consisted of seven members prior to its acquisition by Inc. on October 7, 2024, including independent Chairman , President and CEO Howard M. Lorber (also a ), President Ronald J. Bernstein (), and independent directors Jean E. Sharpe, Henry C. Beinstein, Paul V. Carlucci, and . The Board determined that a majority of its members, excluding executive directors, qualified as independent under listing standards, with LeBow serving as independent Chairman to enhance oversight separation from management. Vector Group's Board maintained four standing committees: an Executive Committee comprising insiders for operational decisions; an independent , chaired by a financial expert, responsible for financial reporting, internal controls, and risk oversight, particularly critical given the company's exposure to tobacco-related litigation and ; a Compensation and Committee to review executive and director pay; and a Nominating and Committee to handle director nominations and governance policies. These structures supported shareholder interests in a focused on tobacco operations post the 2021 spin-off of , emphasizing resilience in core segments amid divestitures. Non-employee director compensation included an annual cash retainer of $75,000, payable quarterly, plus $5,000 annual fees for membership and additional retainers for roles (e.g., $25,000 for certain chairs), with no meeting fees. grants, such as restricted stock units under the 2023 Management Incentive Plan, aligned incentives with long-term , including metrics like total shareholder return (TSR) relative to peers and dividend performance. Executive directors like Lorber received performance-based packages, totaling approximately $14.5 million in recent years, incorporating base salary, bonuses, and long-term incentives tied to dividends and TSR outperformance versus peers, reflecting the Board's emphasis on capital returns in a mature holding company structure.

Financial Overview

Revenue Sources and Trends

Vector Group's primary revenue source is its tobacco segment, operated through Liggett Vector Brands, which manufactures and sells discount cigarettes under brands including Montego, , , and . This segment accounted for nearly all consolidated , as real estate and other investments generate limited operational income. In 2023, consolidated totaled $1.42 billion, reflecting a 1.2% year-over-year decline from $1.44 billion in 2022, driven by reduced unit volumes amid broader U.S. cigarette consumption contraction, partially mitigated by price increases in the discount category. Trends in the tobacco segment highlight resilience in the discount submarket, where Vector has expanded share through the Montego brand's ascent to the leading position nationally. Montego's retail gains have supported adjusted operating income growth, with Q2 tobacco adjusted operating income reaching $103 million, up 10.5% year-over-year, despite persistent volume erosion from anti-smoking campaigns and demographic shifts toward non-smokers. Wholesale for the segment rose to 5.7% in Q2 , underscoring pricing leverage over volume dependency. Supplemental revenues from the New Valley LLC arise sporadically from property investments and sales, rather than recurring operations; for example, in April 2022, New Valley received $15.3 million from divesting remaining Escena parcels. These inflows fund ancillary cash flows but do not materially influence overall revenue trends, which remain tobacco-dominated. Cash flows from tobacco operations have historically sustained a above 10%, enabling consistent payouts despite revenue softness, with no reliance on for core funding. Early data indicate modest revenue recovery, as Q2 consolidated figures hit $371.9 million, a 1.7% increase year-over-year, tied to rather than rebound. Future trajectories hinge on pricing efficacy and entrenched among price-sensitive demographics, including older cohorts with elevated historical smoking prevalence.

Key Financial Metrics and Stock Performance

Vector Group maintained a robust in 2024, with total of $579 million as of June 30, including $390.8 million in and additional short-term investments. This position supported ongoing operations and shareholder returns amid the mature industry's challenges, following historical restructurings tied to Liggett Group's 1991 Chapter 11 filing and subsequent Brooke Group obligations exceeding $300 million in the . Total stood at $1.39 billion, resulting in net of approximately $854 million after for reserves, with coverage ratios indicating capacity to service obligations through operating flows. Key profitability metrics underscored efficient value creation, particularly through its discount cigarette model. Adjusted EBITDA margins reached 38.18% over the ending in 2024, reflecting lower production and marketing costs compared to premium tobacco peers like or Philip Morris, which often exceed 40-50% but face higher regulatory and branding expenses. (ROIC) was 35.14%, signaling strong returns on deployed assets in a low-growth sector, though (ROE) varied negatively at around -27% due to aggressive share repurchases that reduced book . These trends highlighted disciplined allocation, prioritizing payouts over equity expansion. The company's common stock (NYSE: VGR) traded in the $10-15 range for much of the pre-acquisition period through mid-2024, delisting in October 2024 following its acquisition by Japan Tobacco at $15 per share. Dividend yields averaged 7-10% annually, driven by quarterly payouts of $0.20 per share, enabling total shareholder returns that outperformed broader tobacco indices through consistent income generation in a stagnant volume environment. This approach rewarded investors in a capital-intensive industry where growth was limited, with cumulative dividends contributing significantly to long-term value amid flat stock price appreciation.

Legal and Regulatory Environment

Tobacco Industry Litigation

Liggett Group LLC, a of Ltd., has been a in numerous tobacco-related lawsuits since the , primarily as a smaller participant compared to major manufacturers like Philip Morris and , holding approximately 1-2% of the U.S. during peak litigation periods. These cases often invoked claims of , disease causation, and failure to warn, with Liggett leveraging its limited market presence in defenses to argue reduced and proportionate . Total settlements and judgments against Liggett have reached hundreds of millions of dollars, scaled to its size relative to industry giants, though exact aggregates are not publicly itemized beyond specific resolutions. The most significant litigation wave stemmed from the Engle progeny cases, originating after the Florida Supreme Court's 2006 decertification of the class in Engle v. , Inc., which had certified findings on addiction and smoking-related diseases but shifted to individual suits by smokers or estates. Liggett participated in these, facing claims for compensatory and ; by 2013, it settled over 4,900 such cases for $110 million, resolving a major portion of pending claims. Additional settlements included 124 progeny suits in the early 2010s for $17.65 million, reflecting ongoing efforts to mitigate exposure through negotiated payments rather than trials. As of June 30, 2024, 16 verdicts had been entered against Liggett in remaining Engle progeny cases, with several affirmed on appeal, others reversed or remanded for retrial, and a substantial number settled out of court, underscoring persistent but contained liability for the company. Earlier precedents, such as the 1992 U.S. Supreme Court ruling in Cipollone v. Liggett Group, Inc., established limits on failure-to-warn claims post-1965 warning labels but did not preclude addiction or design defect arguments in progeny litigation. In the 2020s, Liggett has faced minimal high-profile suits alleging youth marketing, with claims often dismissed or low-impact due to its focus on deep-discount brands like and , which rely on price competition over advertising or flavored products targeted at minors. No major adverse outcomes from such cases were reported against Vector Group entities through mid-2024, contrasting with larger firms facing e-cigarette youth appeals.

Compliance with Settlements and Regulations

LLC, Vector Group's subsidiary, operates as a subsequent participating manufacturer under the 1998 Master Settlement Agreement () between companies and settling states. Due to its classification as a smaller manufacturer, Liggett's payment obligations are capped by a exemption, requiring contributions only if its national cigarette exceeds approximately 1.25%; this threshold has historically shielded the company from significant fixed payments imposed on larger original participating manufacturers, thereby preserving operational cash flows. The restricts certain promotional activities, including bans on outdoor advertising, transit promotions, and branded merchandise, while exempting price discounts and coupons from some prohibitions; Liggett has adhered to these terms, leveraging permitted discounting strategies to maintain competitiveness without incurring penalties. Additionally, the agreement mandates youth marketing restrictions, such as no use of cartoon characters or sponsorships appealing to minors, with which Liggett complies through internal policies limiting targeting to adults over 21. Under the Family Smoking Prevention and Tobacco Control Act of 2009, administered by the FDA, Liggett meets requirements for product labeling, health warnings covering 50% of pack surfaces since 2016, ingredient reporting, and premarket notifications for new products. The company supported early FDA regulatory efforts and has implemented phased compliance without documented major violations or enforcement actions post-2010. Subsequent enforcement actions related to MSA compliance, including disputes over non-participating manufacturer adjustments, have been resolved through targeted payments, such as Liggett's contributions to withheld funds in multi-state settlements, enabling the company to avoid over-deposits and sustain payouts to Vector Group shareholders. These resolutions have minimized disruptions to cash flows, with annual MSA-related outflows remaining below 5% of Liggett's revenues in recent fiscal years.

Controversies and Criticisms

Health Impact Debates

Cigarette smoking remains a leading cause of preventable death in the United States, with the Centers for Disease Control and Prevention (CDC) estimating approximately 480,000 annual smoking-attributable deaths, including over 41,000 from exposure. These figures encompass mortality from diseases such as , , and cardiovascular conditions, based on epidemiological models linking use to excess risk. However, Vector Group's tobacco operations, primarily through Liggett Vector Brands producing discount cigarettes like and , represent a minor fraction of the overall U.S. market, historically under 5% share among manufacturers, limiting any direct causal attribution of national mortality trends to the company alone. This small footprint underscores debates over proportionally assigning societal health costs to specific firms versus broader consumer choices, as adult smokers bear primary agency in initiating and continuing use despite known risks.00515-9/fulltext) Studies examining discount versus premium cigarette brands indicate that lower-priced options, including those from , often deliver higher levels of harmful and potentially harmful constituents (HPHCs) such as , , and volatile organic compounds per smoked. Biomarkers of exposure, including urinary NNAL (a tobacco-specific metabolite) and , are elevated among discount brand users compared to premium smokers, potentially reflecting deeper or unfiltered varieties common in the segment. Nonetheless, these brands are selected by price-sensitive adults seeking affordability amid rising taxes and premiums, with showing shifts to discounts driven by economic factors rather than deceptive alone; for instance, smokers report switching for savings without of reduced of health dangers. Claims of "predatory pricing" by anti-tobacco advocates are countered by competitive dynamics, where discount penetration—now over 40% in value segments post recent consolidations—reflects legitimate price competition rather than exploitation, as evidenced by sustained consumer loyalty to cheaper alternatives during . Anti-tobacco organizations, including the (WHO), attribute tobacco-related epidemics primarily to industry production and sales, advocating stringent regulations to curb access and framing all cigarettes as equivalently lethal regardless of brand tier. In contrast, critics of prohibitionist policies, drawing from economic analyses, argue that aggressive ation and restrictions exacerbate illicit trade, which undermines goals by introducing unregulated, often more hazardous products; for example, tax hikes in regions like have correlated with surges in and cigarettes, evading quality controls and funding . from high-tax jurisdictions shows illicit market shares rising with price differentials, sometimes exceeding 20-30%, complicating enforcement and potentially offsetting revenue gains while exposing users to higher toxin loads from contraband lacking manufacturing standards. These perspectives highlight causal tensions: while smoking's harms are empirically clear, overemphasizing corporate culpability may overlook how regulatory pressures incentivize underground alternatives, per first-principles evaluation of supply-demand responses in restricted markets.

Business Practices and Market Competition

Vector Group's tobacco segment, operated through Liggett Vector Brands, centers on manufacturing and marketing discount cigarettes, including brands such as Montego, Liggett Select, and Grand Prix, with approximately 118 product combinations offered to appeal to cost-conscious smokers. The company adheres to stated commitments for ethical conduct in supply chains and business dealings, emphasizing lawful and transparent operations amid regulatory scrutiny in the . Its core practice involves high-volume production at facilities in , focusing on value-oriented packaging and distribution to wholesalers and retailers nationwide. In market competition, Liggett Vector Brands ranks as the fourth-largest U.S. cigarette manufacturer by volume, differentiating itself through aggressive pricing in the deep discount segment rather than premium branding. This volume-based strategy prioritizes gaining share from price-sensitive consumers via sustained low pricing, which drove a 20% increase in tobacco unit volumes and record segment revenues in 2022. The Montego brand, in particular, has bolstered this position by capturing additional market share in the low-price tier through consistent affordability relative to competitors. Primary rivals include dominant premium producers like Altria Group and Philip Morris USA, alongside smaller deep-discount manufacturers and importers that vie for the same budget segment. Vector Group's real estate arm, New Valley LLC, practices opportunistic in commercial properties, primarily in the , involving acquisition, leasing, and selective development to generate rental income and capital appreciation. This segment competes in a fragmented market against institutional investors and REITs, employing a strategy of targeted buys in undervalued assets to diversify from volatility, though it contributes modestly to overall revenues compared to cigarettes. Overall, Vector's dual-segment model mitigates risks through 's stability and real estate's growth potential, though the former's pricing tactics have drawn industry-wide attention for intensifying price competition.

References

  1. [1]
    Vector Group Ltd Company Profile - Overview - GlobalData
    Vector Group Ltd (Vector) is a diversified holding company with business interests in tobacco and real estate businesses. The company manufactures and ...
  2. [2]
    Vector Group (Holding Companies) 2025 Company Profile - PitchBook
    Vector Group Ltd is a holding company whose subsidiaries--Liggett Group, Vector Tobacco, and New Valley sell tobacco products and invest in real estate. The ...
  3. [3]
    Vector Group (VGR) Company Profile & Description - Stock Analysis
    Vector Group Ltd. was founded in 1873 and is headquartered in Miami, Florida. As of October 7, 2024, Vector Group Ltd. operates as a subsidiary of Japan Tobacco ...
  4. [4]
    [PDF] JT Group Completes Acquisition of Vector Group Ltd.
    Oct 7, 2024 · After the merger VGR became a wholly owned subsidiary of the JT Group. As a result, effective from October 7, 2024, the shares of VGR stock ...
  5. [5]
    Brooke Group Ltd. | Encyclopedia.com
    Brooke Partners L. P. was founded in 1980 by financier Bennett S. LeBow as an investment vehicle. Bennett bought troubled companies that he considered ...
  6. [6]
    TURNAROUND ARTIST: Bennett S. LeBow; Collecting Wall Street's ...
    Sep 25, 1988 · LeBow controls the Liggett Group, the Durham, N. C. tobacco company he acquired in 1986. ... Brooke Partners lists Liggett holdings as its major ...<|separator|>
  7. [7]
    Liggett Group Inc. | History, Growth, Bennett LeBow, & Japan Tobacco
    From 1986 to 2024 the company was owned by Brooke Group Ltd. (renamed Vector Group in 2000), an investment holding company controlled by financier Bennett S.
  8. [8]
    Brooke Group Ltd. v. Brown & Williamson Tobacco Corp.
    Petitioner Brooke Group Ltd., whom we, like the parties to the case, refer to as Liggett because of its former corporate name, charges that to counter its ...Missing: founding | Show results with:founding
  9. [9]
    Brooke Group Ltd. v. Brown & Williamson Tobacco Corp., 509 U.S. ...
    When introduced in 1980, black and whites were offered to consumers at a list price roughly 30% lower than the list price of full priced, branded cigarettes.Missing: strategy | Show results with:strategy
  10. [10]
    Vector Group Ltd. | Encyclopedia.com
    Through its subsidiary Liggett-Ducat Ltd., the company also manufactures and markets cigarettes in Russia. In addition to its tobacco holdings, Vector Group ...
  11. [11]
    BROOKE GROUP LTD., Petitioner v. BROWN & WILLIAMSON ...
    Liggett itself, while supposedly under the sway of oligopoly power, pioneered this development in 1988 with the introduction of its "Pyramid" brand. Id., at ...Missing: emergence 1991
  12. [12]
    [PDF] Vector Group Ltd. - AnnualReports.com
    Apr 9, 2010 · In 1989, Liggett established a new price point within the discount market segment by introducing PYRAMID, a branded discount product which ...
  13. [13]
    The US Cigarette Industry: An Economic and Marketing Perspective
    Aug 28, 2020 · The 1991 price wars began with Liggett & Myers selling generics. Following major price reductions for Marlboros (known as “Marlboro Friday”), ...
  14. [14]
    History of Vector Group Ltd. - FundingUniverse
    Company changes its name to Vector Group Ltd. Company History: Known through 1999 as the Brooke Group Ltd., Vector Group Ltd. is a holding company for a variety ...
  15. [15]
    0000950144-99-004186.txt - SEC.gov
    The aggregate market value of the voting stock held by non-affiliates of Brooke Group Ltd. as of March 26, 1999 was approximately $196,000,000. Directors and ...
  16. [16]
    VECTOR GROUP LTD. - SEC.gov
    Vector Tobacco introduced its low nicotine and nicotine-free QUEST cigarettes in an initial seven-state market in January 2003 and in Arizona in January 2004.<|separator|>
  17. [17]
    [PDF] VECTOR Group LTD. - SEC.gov
    May 5, 2003 · In November 2001, Vector Tobacco launched OMNI nationwide, the first reduced carcinogen cigarette that smokes, tastes and burns like other ...
  18. [18]
    Reduced Carcinogens
    Advance cigarettes were discontinued in 2004. Vector's Omni was perhaps the most shocking of the three risk reduction brands, claiming “reduced carcinogens” ...
  19. [19]
    Vector's low-carcinogen smokes not in big demand | wfmynews2.com
    Apr 3, 2002 · At the end of January, the company had orders for Omni cigarettes from about 25,000 stores, but had only stocked the smokes in about 11,000 ...Missing: discontinued | Show results with:discontinued
  20. [20]
    New Valley Corporation - SEC.gov
    New Valley Corporation, a Delaware corporation, is engaged in the real estate business and is seeking to acquire additional real estate properties and operating ...
  21. [21]
    About New Valley Realty
    New Valley Realty is the principal real estate investment subsidiary of New Valley LLC, a wholly owned subsidiary of Vector Group Ltd (NYSE: VGR).Missing: formation | Show results with:formation
  22. [22]
    Vector Group Announces Completion of Douglas Elliman Spin-off
    Dec 30, 2021 · Vector Group Ltd. (NYSE: VGR) (Vector Group) has completed the spin-off of Douglas Elliman Inc. (Douglas Elliman) into a standalone, publicly traded company.
  23. [23]
    Vector Group Ltd. Board Approves Spin-Off of Douglas Elliman Inc.
    The distribution is expected to take place on December 29, 2021 to holders of Vector Group common stock (including Vector Group common stock ...
  24. [24]
    Vector Stock Price Today | NYSE: VGR Live - Investing.com
    It operates in two segments, Tobacco and Real Estate. The company produces cigarettes under the Montego, EAGLE 20's, Pyramid, Grand Prix, Liggett Select ...
  25. [25]
    Liggett Vector Brands
    At Liggett Vector Brands, we supply quality tobacco products proudly made in the USA. As the exclusive sales, marketing and distribution agent for Liggett Group ...Products · Careers · About Us · Grand Prix<|control11|><|separator|>
  26. [26]
    [PDF] 2022 Stockholders' Report - SEC.gov
    Jun 15, 2023 · In 2022, New Valley also invested in newly formed real estate ventures in Raleigh, North Carolina and Miami, Florida, while continuing to ...
  27. [27]
    Vector Group Ltd (VGR) Reports Mixed 2023 Financial Results Amid ...
    Feb 14, 2024 · Vector Group's tobacco segment, particularly the Montego brand, strengthened its market position with an increase in both wholesale and ...<|separator|>
  28. [28]
    Investment analysis of Vector Group Ltd - Freedom24
    Mar 18, 2024 · Through its subsidiaries, Liggett Group and Vector Tobacco, Vector Group manufactures and sells cigarettes under brands such as EAGLE 20's, ...
  29. [29]
    Manufacturing - Liggett Vector Brands
    Our state-of-the-art manufacturing complex is located in the heart of tobacco country in Mebane, NC. Our manufacturing operations currently produce more ...
  30. [30]
    Liggett Group LLC, 100 Maple Ln, Mebane, NC 27302, US - MapQuest
    The group s manufacturing plant is spread over an area of more than 40 acres and produces over 200 products. Liggett Group is owned and operated by Vector Group ...Missing: production | Show results with:production
  31. [31]
    Vector Group Ltd (VGR) 10K Annual Reports & 10Q SEC Filings
    Tobacco segment wholesale market share increased to 5.7% from 5.5% in the prior year period and retail market share remained at 5.8% in the current period.
  32. [32]
    Inflation Boosts Discount Cigarette Sales - Tobacco Reporter
    Dec 9, 2022 · ... company's relatively small market share, about one-third of its volumes are exempt from payments under the 1998 Master Settlement Agreement.
  33. [33]
    Vector Group Is A Steady 'Buy' In Tobacco (NYSE:VGR)
    Nov 19, 2023 · VGR owns New Valley LLC, which has minority investments in real estate projects like cooperatives, condominiums, and apartments across the US.Missing: post- developments
  34. [34]
    Investor Relations - New Valley LLC
    New Valley LLC, a wholly-owned subsidiary of Vector Group Ltd., in engaged in the real estate business. It also owns interests in numerous real estate ...Missing: estate | Show results with:estate
  35. [35]
    vgr-20240630 - SEC.gov
    For ventures where New Valley previously held an investment and made an additional contribution, New Valley contributed its proportionate share of additional ...
  36. [36]
    vgr-20230930 - SEC.gov
    Real Estate segment revenues are disaggregated in the table below. The Real Estate segment includes the Company's investment in New Valley, investments in real ...
  37. [37]
    Vector Group Reports Second Quarter 2024 Financial Results
    Jul 31, 2024 · Vector Group maintained significant liquidity at June 30, 2024 with cash and cash equivalents of $390.8 million, including $149.2 million of ...
  38. [38]
    Vector Group (VGR) Investor Relations, Earnings Summary & Outlook
    Cash provided by operations for the first half of 2024 was $215.3M; dividends paid totaled $63.5M. Outlook and guidance. Management expects continued positive ...
  39. [39]
    VGR: Dividend Date & History for VECTOR GROUP LTD
    VGR's Next Dividend Estimate: Amount Change 0.0% No Change, Next Estimated Amount $0.2000, Next Estimated Pay Date Dec 13, 2024.Missing: liquidity | Show results with:liquidity
  40. [40]
    Vector Group Ltd (VGR) Q2 2024 Earnings Call Highlights
    Oct 9, 2024 · Vector Group Ltd (VGR) reports robust financial performance with increased net income and expanded market share for its Montego brand.Missing: miscellaneous | Show results with:miscellaneous
  41. [41]
    Management Team Archive - New Valley LLC
    Howard M. Lorber is our President and Chief Executive Officer, and President and Chief Executive Officer of our parent, Vector Group Ltd.
  42. [42]
    VGR Investor Relations - Vector Group Ltd - Alpha Spread
    Vector Group Ltd (NYSE:VGR) investor relations materials: earnings calls, slides & pdfs, and letter to shareholders.Missing: website | Show results with:website
  43. [43]
    Richard J. Lampen - SourceWatch
    Dec 25, 2019 · Lampen has also served as Executive Vice President of our parent, Vector Group Ltd., since July 1996. Since September 2006, he has served as ...
  44. [44]
    J. Bryant Kirkland III - SVP, CFO and Treasurer at Vector Group
    J. Bryant Kirkland III is our Senior Vice President, Chief Financial Officer and Treasurer. He joined Vector Group and its subsidiaries in July 1992, ...Missing: Ltd | Show results with:Ltd
  45. [45]
    Vector Group Ltd company information, history, management and ...
    Vector Group Ltd Board of directors · Mr. Ronald J. Bernstein · Ms. Jean E. Sharpe · Mr. Bennett S. Lebow · Mr. Henry C. Beinstein · Mr. Paul V. Carlucci · Mr. Barry ...Missing: current | Show results with:current
  46. [46]
    Vector Group Ltd.: Governance, Directors and Executives ...
    Stanley Samuel Arkin. Director/Board Member, 2011-10-31, 2022-12-14. Independent Dir/Board Member, 2011-10-31, 2022-12-14 ; Daniel Sachar. Corporate Officer/ ...
  47. [47]
    Who are in the management team of Vector Group Ltd.? - MarketsMojo
    Jun 22, 2025 · As of March 2022, the management team of Vector Group Ltd. includes Mr. Bennett LeBow (Independent Chairman), Mr. Howard Lorber (CEO), ...
  48. [48]
    Bennett LeBow - Chairman of Vector Group | VGR - Macroaxis
    , Independent Director. Howard Lorber, CEO and President Director and Member of Executive Committee. Paul Carlucci, Independent Director. Wilson White ...
  49. [49]
    VECTOR GROUP LTD. DEF 14A - SEC.gov
    The board of directors has determined that Mr. Beinstein is an “audit committee financial expert” as defined by the rules of the Securities and Exchange ...
  50. [50]
    [PDF] VECTOR GROUP LTD. - Astproxyportal
    Jun 16, 2023 · Prior to the distribution of Douglas Elliman, Vector was a complex and diversified company that operated in two challenging industries – tobacco ...
  51. [51]
    Untitled
    rich pensions in addition to their $60,000 annual director fees; they could receive $60,000 per year for up to 15 years after retirement. These same.
  52. [52]
    Vector Group Ltd. 2023 Management Incentive Plan
    Vector Group Ltd. has established the 2023 Management Incentive Plan to provide incentive compensation to employees, non-employee directors, and consultants.
  53. [53]
    President and Chief Executive Officer Howard M. Lorber salary at ...
    As President and Chief Executive Officer at VECTOR GROUP LTD, Howard M. Lorber made $14,522,874 in total compensation. Of this total $2,018,678 was received as ...
  54. [54]
    It's Unlikely That Vector Group Ltd.'s (NYSE:VGR) CEO Will See A ...
    Aug 14, 2024 · Vector Group will host its Annual General Meeting on 20th of August; Salary of US$2.02m is part of CEO Howard Lorber's total remuneration ...Missing: sales | Show results with:sales
  55. [55]
    Vector Group Reports Fourth Quarter and Full Year 2023 Financial ...
    Feb 13, 2024 · Fourth quarter 2023 revenues were $360.4 million, compared to $363.8 million in the fourth quarter of 2022. The Company recorded operating income of $91.6 ...
  56. [56]
    VGR - Vector Group Latest Stock News & Market Updates - Stock Titan
    Consolidated revenues increased to $371.9 million, up 1.7% from the previous year. Tobacco segment wholesale market share rose to 5.7%, with Montego brand ...<|separator|>
  57. [57]
    Earnings call: Vector Group reports a modest revenues rise to ...
    Aug 1, 2024 · The discount segment is expected to maintain momentum in the long term. Bearish Highlights. Wholesale shipments of Liggett declined, though less ...
  58. [58]
    High Dividend 50: Vector Group
    Jun 17, 2024 · Vector Group's tobacco segment primarily sells discount cigarette brands, including Eagle '20s, Pyramid, Grand Prix, Liggett Select, and Eve.Missing: non-
  59. [59]
    Vector Group (VGR) Statistics & Valuation - Stock Analysis
    In the last 12 months, Vector Group had revenue of $952.97 million and earned $194.39 million in profits. Earnings per share was $1.26.Missing: investments | Show results with:investments
  60. [60]
    VGR - Vector Group Ltd's Debt Coverage ratios - CSIMarket
    Sep 13, 2024 · While Debt coverage ratio total ranking has improved so far in the second quarter of 2024 to 1703, from total ranking in the Q2 2024 at 1707.Missing: levels | Show results with:levels
  61. [61]
    Vector Group (VGR) Stock Price, News & Analysis - MarketBeat
    Rating 0.6 · Review by MarketBeatVector Group is a leading dividend payer. It pays a dividend yield of 5.35%, putting its dividend yield in the top 25% of dividend-paying stocks. Dividend ...
  62. [62]
    Vector Group completes acquisition, delists from NYSE - Investing.com
    Oct 7, 2024 · Vector Group Ltd. (NYSE:VGR), a company known for its cigarette manufacturing, announced the completion of its acquisition by JTI (US) Holding Inc. on Monday.
  63. [63]
    VGR - Vector Group Ltd Dividend Comparisons - CSIMarket
    Vector Group Ltd Dividend Comparisons ; Dividend Yield, 13.8 %, 2.79 % ; Dividend 5 Year Average Growth Rate, -12.3 %, 3.52 % ; Dividend Pay out Ratio (Q2 MRQ) ...
  64. [64]
    Engle v. Liggett: Has Big Tobacco Finally Met Its Match?
    Nov 9, 2012 · The court upheld a jury's unprecedented findings that cigarettes containing nicotine are addictive and that smoking causes a host of diseases.
  65. [65]
    Vector, Liggett Settle Engle Class Action - CSP Daily News
    Oct 25, 2013 · Resolve lawsuits with more than 4900 plaintiffs for total $110 million.
  66. [66]
    Liggett settles 124 Engle progeny suits - Tobacco Journal International
    Liggett, the tobacco unit of Vector Group, will pay USD 17.65 million (EUR 16.5 million) to settle 124 Engle progeny suits, which the company said represent ...<|separator|>
  67. [67]
    Engle v. Liggett Group, Inc. - Tobacco Control Laws
    A class-action suit was brought in Florida against most US tobacco companies on the basis of numerous tort claims seeking compensatory and punitive damages.
  68. [68]
    Tobacco Industry Settlements - Liggett Vector Brands
    In March 1996, Liggett Group broke ranks with the tobacco industry and settled smoking-related lawsuits brought by Attorneys General of Florida, Louisiana, ...Missing: introduction date
  69. [69]
    Youth Smoking Prevention - Liggett Vector Brands
    Many of the tobacco advertising and marketing restrictions in the MSA were derived directly from Liggett Group's prior settlement agreements. Our companies ...
  70. [70]
    [PDF] NPM ADJUSTMENT SETTLEMENT AGREEMENT
    Sep 20, 2017 · (h') Indiana's Allocabl Share of the amount that Liggett Group LLC ("Liggett') and Vector. Tobacco Inc. (VectorT-0bacco"' withheld with ...
  71. [71]
    [PDF] vgr-2023xars.pdf - SEC.gov
    Jul 10, 2024 · Vector Group reported revenues in 2023 of $1.42 billion, compared to $1.44 billion in the corresponding 2022 period. Net income increased to ...
  72. [72]
    Burden of Cigarette Use in the U.S. | Data and Statistics - CDC
    Cigarette smoking is the leading cause of preventable disease and death, killing over 480,000 Americans yearly, costing over $600 billion in 2018, and with 11. ...
  73. [73]
    Top 6 US Tobacco & Nicotine Companies (2025 Update) - Ecigator
    May 20, 2025 · Vector Group's Tobacco Segment & Niche Player: Liggett Group, part of Vector Group Ltd., is a smaller player compared to the giants like Altria ...
  74. [74]
    Comparison of Biomarkers of Tobacco Exposure between Premium ...
    These findings suggest that discount cigarette use is associated with higher exposure to several carcinogenic and toxic HPHCs.
  75. [75]
    Cheap cigarettes will continue taking US market share, tobacco firm ...
    Feb 14, 2025 · JTI completed the acquisition of U.S. tobacco company Vector Group last year, which pushed its share of the super value segment to 40% by the ...Missing: Liggett | Show results with:Liggett
  76. [76]
    The impact of goods and services tax increase on economic crime
    Jan 17, 2025 · The high demand for tobacco products, coupled with substantial taxes, fuels the illicit trade in tobacco, including smuggling, which not only ...
  77. [77]
    Tobacco excise tax increase and illicit cigarette consumption
    Table 5 shows where the smokers purchase their illicit cigarettes. Overall, illegal cigarettes are mainly sourced through informal household businesses, rather ...
  78. [78]
    Cigarette tax avoidance and evasion: findings from the ... - NIH
    Tax evasion involves illegal methods of avoiding tobacco taxes. ... [4] In November 2012, the Protocol to Eliminate Illicit Trade in Tobacco Products was adopted ...
  79. [79]
    Vector Group Ltd. - AnnualReports.com
    Vector Group Ltd. engages in the manufacture and sale of cigarettes in the United States. The company offers approximately 118 combinations of cigarettes.
  80. [80]
    Statement in Compliance with California Transparency in Supply ...
    The Companies are committed to the highest standards for lawful, honest, and ethical conduct in all business dealings. This commitment is reflected in various ...
  81. [81]
    Liggett Vector Brands - Overview, News & Similar companies
    Headquarters. 100 Maple Ln, Mebane, North Carolina, 27302, United States ; Phone Number. (919) 304-7700 ; Revenue. $27 Million ...Missing: production facility
  82. [82]
    Vector Group: A Good Market Position And A Sustainable Dividend
    Apr 11, 2023 · As of year end 2022, VGR stock is trading at 2.2x EV/Sales, this is well below its closest peers. British American Tobacco (BTI) trades at 3.72x ...
  83. [83]
    Vector Group Ltd Comparisons to its Competitors and Market Share
    Sep 23, 2025 · Comparing the current results to its competitors, Vector Group Ltd reported Revenue increase in the 2 quarter 2024 by 1.71 % year on year.Missing: trends | Show results with:trends
  84. [84]
    Vector Group Stock: Uncertainty Looms, Hold (NYSE:VGR)
    Jul 27, 2024 · The goal of the volume-based strategy was to increase sales volume, frequently by gaining market share through price competition. Although this ...