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This excerpt taken from the SWM 10-K filed Mar 2, 2007. Reconstituted
Tobacco—LTRI is the
leading independent producer of RTL in the world. We believe that the basis of
competition in this market is primarily quality. However, sales volumes are
influenced by worldwide virgin tobacco prices and cigarette producers’ various
internal tobacco reconstitution processes, as lower prices of virgin tobacco or
other RTL forms may compete against reconstituted tobacco sales volumes.
LTRI’s principal competitors are Reynolds American, Inc., which produces RTL for both internal and external use, Yelets, an affiliate of Japan Tobacco Inc. which operates in Russia, Deli-HTL Tabak Maatschappiji B.V., an independent producer which operates in Holland, and cigarette companies such as Philip Morris, BAT, and STMA (China), which produce RTL primarily for internal use. We estimate that approximately 50 percent of reconstituted cigar wrapper and binder used in the U.S. market is produced internally by domestic cigar manufacturers. Our U.S. segment’s Ancram mill and Nuway Tobacco, a cast process manufacturer, produce the balance. This excerpt taken from the SWM 10-K filed Mar 7, 2006. Reconstituted tobacco
is used by manufacturers of cigarettes, cigars and other tobacco products. We
currently produce reconstituted tobacco in 2 forms: leaf, or RTL, in France,
which is manufactured by LTRI, and wrapper and binder in the United States. RTL
is used by manufacturers of cigarettes primarily to blend with virgin tobacco
as a design aid to achieve certain attributes of finished cigarettes, such as
taste characteristics and reduced deliveries of tobacco-related smoke
constituents, and to cost-effectively utilize tobacco leaf by-products. Wrapper
and binder are reconstituted tobacco products used by manufacturers of
machine-made cigars. Binder is used to hold the tobacco leaves in a cylindrical
shape during the production process. Wrapper is used to cover the outside of
the cigar, providing a uniform, finished appearance.
This excerpt taken from the SWM 10-K filed Mar 7, 2005. Reconstituted
Tobacco—LTRI is the leading independent producer of RTL in the
world. We believe that the basis of competition in this market is primarily quality.
However, sales volumes are influenced by worldwide virgin tobacco prices as
lower prices of virgin tobacco may result in lower reconstituted tobacco sales
volumes.
LTRI’s principal competitors are (i) R.J. Reynolds Tobacco Company, which produces RTL for both internal and external use, (ii) Yelets, an affiliate of Japan Tobacco Inc. which operates in Russia, (iii) B.V. Deli-HTL Tabak Maatschappiji B.V., an independent producer which operates in Holland, and (iv) cigarette companies such as Philip Morris and BAT, which produce RTL primarily for internal use. We estimate that approximately 50 percent of reconstituted cigar wrapper and binder used in the U.S. market is produced internally by domestic cigar manufacturers. Our U.S. segment’s Ancram mill and Nuway Tobacco, a cast process manufacturer, produce the balance. | EXCERPTS ON THIS PAGE:
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