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Vector Group

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

Subsidiaries

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

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

  • List of Florida companies

External links

  • vectorgroupltd.com, the company's official website

References

  1. Gordon Fairclough. Liggett's Chief Breaks Rank Again At Tobacco Trial Wall Street Journal, 26 June 2000, retrieved 27 September 2016^
  2. Vector Group Ltd. 2016 Stockholders' Report Vector Group, retrieved 23 December 2017^
  3. Vector Group Reports Fourth Quarter and Full Year 2018 Financial Results Vector Group, February 28, 2019^
  4. ANNUAL REPORT SEC, December 31, 2018^
  5. Vector Group Ltd Bloomberg Markets, Bloomberg.com, retrieved 27 September 2016^
  6. Charles Ornstein. Top Medical Journal Deflects Criticism of Withholding Data ProPublica, 6 April 2016, retrieved 27 September 2016^
  7. Katherine Clarke. Who really owns NYC's real estate firms? The Real Deal, 1 February 2013, retrieved 27 September 2016^
  8. JT Group to Acquire Vector Group Ltd. Businesswire, August 21, 2024^
  9. JT Group Completes Acquisition of Vector Group Ltd. Businesswire, October 10, 2024^
  10. Rich Bockmann. Howard Lorber and the art of brand management The Real Deal, retrieved 27 September 2016^
  11. Nina dos Santos. Senate investigators pursue Moscow-based former Trump associate CNN.com, February 21, 2019, retrieved February 22, 2019^
  12. Rupert Hargreaves. Here's Why Vector Group is a Great Investment Motley Fool, 18 March 2014, retrieved 27 September 2016^
  13. FORM 8-K SEC, May 31, 2019^
  14. Jennifer Maloney, Alex Harring. Cheaper Beer, Cigarettes Gain Favor as Inflation Pinches Shoppers 24 July 2022, retrieved 21 January 2024^
  15. Greg Vanderford. Invest In Vector Group For The Highest Yield In The Tobacco Industry Seeking Alpha, retrieved 26 October 2015^
  16. Stephanie Strom. New Valley, Old Management New York Times, 9 October 1994, retrieved 27 September 2016^
  17. Rich Bockman. Douglas Elliman to market condos at HFZ's High Line project The Real Deal, 18 August 2015, retrieved 27 September 2016^
  18. Katherine Clarke. Compass wants investors to believe it's worth $1.3B The Real Deal, 12 July 2016, retrieved 27 September 2016^
  19. Erik Bojnansky. Vector Group completes Douglas Elliman spinoff www.bizjournals.com, 31 December 2021, retrieved 21 January 2024^
  20. Offices in New York City Douglas Elliman, retrieved 27 September 2016^