Vector Group
Vector Group Ltd. was an American diversified holding company with two major businesses: Liggett Group (tobacco) and New Valley (real estate). In August 2024, Vector Group agreed to be acquired by Japan Tobacco (JT Group) to become a wholly owned consolidated subsidiary of JT. The deal was completed in October 2024. Bennett S. LeBow founded Vector Group in 1986. Since then, he has served as Chairman. Howard Lorber has served as the Company's President and Chief Executive Officer since 1994. Vector Group was previously called Brooke Group.
 | |
| Company type | Subsidiary |
|---|---|
| NYSE: VGR | |
| Industry | Diversified holding |
| Genre | Holding company |
| Founded | 1986.[1] |
| Founder | Bennett S. LeBow |
| Headquarters | Miami, Florida, U.S. |
Key people |
|
| Products | Tobacco, real estate, property management[2] |
| Revenue | $2.02 billion (FY 2020)[3] |
| $92.5 million (FY 2020)[3] | |
| Total assets | $1.34 billion (FY 2020)[4] |
Number of employees | 1,007[4] |
| Parent | Japan Tobacco |
| Subsidiaries | Liggett Group LLC New Valley LLC Vector Tobacco[2] |
| Website | vectorgroupltd.com |
| Footnotes / references [5] | |
Vector Group Ltd. was an American diversified holding company with two major businesses: Liggett Group[6] (tobacco) and New Valley (real estate).[7] In August 2024, Vector Group agreed to be acquired by Japan Tobacco (JT Group) to become a wholly owned consolidated subsidiary of JT.[8] The deal was completed in October 2024.[9]
Bennett S. LeBow founded Vector Group in 1986. Since then, he has served as Chairman. Howard Lorber has served as the Company's President and Chief Executive Officer since 1994.[10] Vector Group was previously called Brooke Group.[11]
Holdings
[edit]Subsidiaries
[edit]Founded in 1873, Liggett Group is the fourth-largest cigarette manufacturer in the U.S.[12] Liggett operates in the discount cigarette market. As of March 31, 2019, Liggett's family of brands represented a 14% share of the discount market.[13] Its core brands include: Pyramid, Grand Prix, Liggett Select, Eve, Eagle 20's, and Montego.[14][15] Vector Tobacco is engaged in the manufacture of conventional cigarettes, based in North Carolina.
New Valley LLC (formerly known as Western Union)[16] is a diversified real estate company that acquires or invests in real estate properties or projects. It has invested in more than 30 real estate projects as of March 31, 2019.[13]
New Valley previously owned 100 percent[17] of Douglas Elliman, the largest residential real estate brokerage firm in the New York metropolitan area and fourth-largest residential brokerage firm in the U.S.[18] In December 2021, Vector Group completed the spin-off of Douglas Elliman into a standalone, publicly traded company.[19]
Office locations
[edit]Vector Group and New Valley's headquarters are in Miami, Florida[2] and they have an additional office in New York, New York.[20]
See also
[edit]
References
[edit]- ^ Fairclough, Gordon (June 26, 2000). "Liggett's Chief Breaks Rank Again At Tobacco Trial". Wall Street Journal. Retrieved September 27, 2016.
- ^ a b c "Vector Group Ltd. 2016 Stockholders' Report" (PDF). Vector Group. Retrieved December 23, 2017.
- ^ a b "Vector Group Reports Fourth Quarter and Full Year 2018 Financial Results". Vector Group. February 28, 2019.
- ^ a b "ANNUAL REPORT". SEC. December 31, 2018.
- ^ "Vector Group Ltd". Bloomberg Markets. Bloomberg.com. Retrieved September 27, 2016.
- ^ Ornstein, Charles (April 6, 2016). "Top Medical Journal Deflects Criticism of Withholding Data". ProPublica. Retrieved September 27, 2016.
- ^ Clarke, Katherine (February 1, 2013). "Who really owns NYC's real estate firms?". The Real Deal. Retrieved September 27, 2016.
- ^ "JT Group to Acquire Vector Group Ltd". Businesswire. August 21, 2024.
- ^ "JT Group Completes Acquisition of Vector Group Ltd". Businesswire. October 10, 2024.
- ^ Bockmann, Rich. "Howard Lorber and the art of brand management". The Real Deal. Retrieved September 27, 2016.
- ^ Nina dos Santos (February 21, 2019). "Senate investigators pursue Moscow-based former Trump associate". CNN.com. Retrieved February 22, 2019.
- ^ Hargreaves, Rupert (March 18, 2014). "Here's Why Vector Group is a Great Investment". Motley Fool. Retrieved September 27, 2016.
- ^ a b "FORM 8-K". SEC. May 31, 2019.
- ^ Maloney, Jennifer; Harring, Alex (July 24, 2022). "Cheaper Beer, Cigarettes Gain Favor as Inflation Pinches Shoppers". Retrieved January 21, 2024.
- ^ Vanderford, Greg. "Invest In Vector Group For The Highest Yield In The Tobacco Industry". Seeking Alpha. Retrieved October 26, 2015.
- ^ Strom, Stephanie (October 9, 1994). "New Valley, Old Management". New York Times. Retrieved September 27, 2016.
- ^ Bockman, Rich (August 18, 2015). "Douglas Elliman to market condos at HFZ's High Line project". The Real Deal. Retrieved September 27, 2016.
- ^ Clarke, Katherine (July 12, 2016). "Compass wants investors to believe it's worth $1.3B". The Real Deal. Retrieved September 27, 2016.
- ^ Bojnansky, Erik (December 31, 2021). "Vector Group completes Douglas Elliman spinoff". www.bizjournals.com. Retrieved January 21, 2024.
- ^ "Offices in New York City". Douglas Elliman. Retrieved September 27, 2016.
External links
[edit]- vectorgroupltd.com, the company's official website
- Business data for Vector Group Ltd.: