American Brands plans to spin off U.K.-based Gallaher Tobacco Company and change name of American Brands to Fortune Brands.OLD GREENWICH Old Greenwich is a neighborhood or section in the southeast corner of Greenwich in Fairfield County, Connecticut, United States. The Old Greenwich Railroad Station serves commuters in the neighborhood. , Conn.--(BUSINESS WIRE)--Oct. 8, 1996-- Fortune Brands to Consist of Powerhouse A fourth-generation language from Cognos that was introduced in the late 1970s for midrange computers. It supports both character-oriented, terminal-based applications as well as Windows clients. Applications developed under PowerHouse can be imported into Cognos' Axiant client/server environment. Non-Tobacco Brands With Nearly $5 billion in Sales American Brands, Inc. (NYSE- AMB AMB Ambient AMB Ambassador AMB Amber AMB Ambulance AMB Associação Médica Brasileira (Brazil) AMB Ambulatory AMB Advanced Memory Buffer (FBDIMM control unit on DRAM) ) today announced plans to spin off its U.K.-based Gallaher tobacco business in a transaction that will be tax free to U.S. shareholders and, when the transaction is consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. , to change the name of American Brands to Fortune Brands. Following completion of the transaction, American Brands shareholders will own shares in two publicly-traded companies: Gallaher -- the number 1 tobacco company in the U.K.; and Fortune Brands -- a $4.6 billion (12 months sales through 6/96) company that will consist of American Brands' market-leading, non-tobacco consumer brands. Completion of the transaction is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent receipt of favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. tax rulings and relevant stockholder approvals. The ruling process is complex due to the transaction's international aspects. It is expected that the spin off will be completed in approximately six to ten months, assuming that the requisite rulings and approvals are received. U.S. holders of record of American Brands stock at the time the spin is consummated will receive their Gallaher shares in the form of American Depository Receipts American Depository Receipt n. called in the banking trade an ADR, it is a receipt issued by American banks to Americans as a substitute for actual ownership of shares of foreign stocks. (ADRs). Applications will be made to list the Gallaher ADRs on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and the Gallaher ordinary shares on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . Stockholders' ownership of Fortune Brands will be represented by their current American Brands certificates. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs C. Hays Hays, city (1990 pop. 17,767), seat of Ellis co., W central Kans.; inc. 1885. It is a rail, trade, and medical center in a grain, cattle, and oil area. Manufactures include electronic equipment, plastics, feeds, medical supplies, aircraft, and motorcycles. , American Brands' chairman and chief executive officer, said, "Today's announcement represents a bold step to further brighten bright·en tr. & intr.v. bright·ened, bright·en·ing, bright·ens To make or become bright or brighter. bright prospects for our operations and to create value for our shareholders. We believe that by creating two financially strong, publicly-traded companies, each of which will be solidly positioned for profitable growth, we will enhance the prospects for both operations and increase shareholder value. "This announcement reflects our determination to delight our stockholders and follows the successful steps that we have already accomplished, including the sale of The American Tobacco Company The American Tobacco Company was founded in 1890 by J. B. Duke as a merger between a number of tobacco manufacturers including Allen and Ginter and Goodwin & Company. The company was one of the original 12 members of the Dow Jones Industrial Average in 1896. in 1994, the sale of Franklin Life and Gallaher's retail and vending operations in 1995, and the acquisition of Cobra Golf early in 1996. "The spin off will allow the managements of the two companies to focus exclusively on strategies and objectives geared to the very different financial, investment and operating characteristics and growth potential of their companies. It will enable Gallaher to concentrate its resources to further develop its tobacco business in the U.K. and internationally, and will allow Fortune Brands to focus exclusively on developing the high growth potential of its operations. Since Gallaher will be recognized more clearly as a U.K./European tobacco manufacturer operating in an environment significantly different from the current U.S. tobacco litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and regulatory environment, the value inherent in that operation should be more apparent. "Each company will have the financial structure and resources to be highly successful," Hays continued. "The balance sheets, together with powerful cash generating potential, will allow each company, based on the strategic direction to be established by the respective Boards, to fund internal growth, pay down debt, retain an appropriate dividend policy and selectively consider acquisitions." Hays emphasized that bondholders are an important constituent CONSTITUENT. He who gives authority to another to act for him. 1 Bouv. Inst. n. 893. 2. The constituent is bound with whatever his attorney does by virtue of his authority. group. "We intend to preserve bondholder Bondholder A firm often has stockholders and bondholders. In a liquidation, the bondholders have first priority. bondholder An individual or institution that owns bonds in a corporation or other organization. value," he said, "and our ability to satisfy our obligations to our debt holders should not be impaired as a result of this transaction." To allocate To reserve a resource such as memory or disk. See memory allocation. the overall debt burden of American Brands at the time of the spin off, Gallaher will borrow and pay to Fortune Brands approximately $1.4 billion. Fortune will use the proceeds (approximately $1.25 billion after tax) initially to pay down short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. . The Gallaher debt will be in addition to its seasonal working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . "For our shareholders," Hays noted, "this transaction will create an opportunity to participate in what we believe will be the more appropriately and fully valued Fully Valued A stock whose price analysts believe reflects the market's recognition of the company's underlying fundamental earnings power and therefore is unlikely to rise further in price. If the stock goes up from that price, it is called overvalued. Fortune Brands, with its powerful array of non-tobacco consumer brands, and Gallaher, with its high cash flow and position as a leading European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. tobacco company. New investors will have the opportunity to choose whether to participate in one or both of these businesses. We believe the current price of American Brands stock does not fully reflect the value or prospects of our powerful array of consumer brands and that this transaction will enhance value for our shareholders." SIGNIFICANT DIVIDEND BENEFIT The combined initial annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. dividend per share currently contemplated by the management of both companies will equal, based on the recent exchange rate, the existing $2.00 per share American Brands dividend. It is anticipated that Fortune Brands' annualized dividend will be 80 cents, and Gallaher's will be 77 pence pence n. Chiefly British A plural of penny. pence Noun a plural of penny USAGE: Since the decimalization of British currency and the introduction of the abbreviation p, ($1.20 based on the current $1.56 sterling exchange rate) per old American Brands share. Including a refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies or credit of the U.K. Advance Corporation Tax (A.C.T.) that is paid by Gallaher on its dividends, this combined dividend would effectively result in a significant benefit for eligible shareholders. For U.S. taxpayers, based on current exchange and tax rates, the aggregate dividend is effectively equivalent to about $2.30 per old American Brands share. Future dividends for Fortune Brands and Gallaher will be determined by the respective Boards of each company, following the spin off. FORTUNE BRANDS: A MAJOR NEW CONSUMER PRODUCTS COMPANY The non-tobacco operations of American Brands, which will become Fortune Brands, had sales of $4.6 billion for the 12 months through June 1996. Fortune Brands' headquarters will be in Old Greenwich, Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). . "The new name, Fortune Brands, reflects the significantly different composition of the Company following the spin off," noted Hays, who will be chairman and chief executive officer of Fortune Brands. "The word `fortune' means extraordinary success, and Fortune Brands will be a company of extraordinarily successful, category-leading consumer brands with great prospects. Eleven brands each achieved sales exceeding $100 million last year. Titleist and Jim Beam Jim Beam is a brand of bourbon whiskey, distilled in Clermont, Kentucky. This brand of whiskey has been distilled since 1795. The Jim Beam brand is owned by Beam Global Spirits & Wine, which is in turn owned by holding company Fortune Brands. . Master Lock, Day-Timer and ACCO ACCO American College of Chiropractic Orthopedists ACCO Association of County Commissioners of Oklahoma ACCo American Cyanamid Company ACCO Adenoid Cystic Carcinoma Organization ACCO American Clip Company ACCO Assistant Central Control Officer . Moen and Cobra. Foot-Joy and DeKuyper. Wilson Jones Charles Wilson Jones (born April 29, 1914 in Wrexham, Wales, died January 9, 1986 in Birmingham) was a Welsh professional footballer who played as an centre-forward for Wrexham, Birmingham and Nottingham Forest in the Football League, and for Wales at international level. . Aristokraft. These brands have enviable en·vi·a·ble adj. So desirable as to arouse envy: "the enviable English quality of being able to be mute without unrest" Henry James. positions in their markets. They are winners. And we move to the future with a winning attitude." The new name will take effect at the time of the transaction. Fortune Brands will have very strong growth prospects and powerful brand leaders in each of the categories in which it competes -- hardware, distilled spirits, office products and golf. Each of these categories is a cash generator, with distilled spirits providing particularly strong cash flow. And in each of these categories, Fortune Brands has number 1 or number 2 brands. FORTUNE BRANDS POISED FOR FASTER E.P.S. GROWTH Hays noted that "the separation will allow the markets to appreciate more fully the strong growth potential of the powerful brands that will make up Fortune Brands' businesses. Because Gallaher's business has been such a significant part of American Brands' operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , the transaction will allow investors to focus on the powerful market positions and growth of our non-tobacco brands. "Following the spin off, our long-term E.P.S. growth goal for Fortune Brands will be in the range of 13-15%, assuming a satisfactory economic and pricing environment. That's substantially higher than the 10% goal we had established for American Brands." Hays noted that, following the spin off, Fortune Brands' powerful resources will give it broad flexibility to enhance its operations through internal development and acquisitions as well as to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. shares. Hays said that, following the transaction, Fortune Brands will consider repurchasing up to 10 million shares, depending on market conditions and other investment opportunities. He pointed out that American Brands has recently invested over $1.7 billion to reduce fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. shares by over 12 million, or 7%, in 1996, and by 30 million, or more than 14%, in 1995. GALLAHER TO PURSUE BUSINESS STRATEGY AS INDEPENDENT U.K. COMPANY Commenting on prospects for Gallaher, Hays noted that "Gallaher, with sales of over $6.5 billion for the 12 months through June 1996, is the U.K. tobacco market leader. Gallaher has an enviable brand portfolio and outstanding management that has succeeded in consistently growing profits and cash flow despite a mature and highly competitive U.K. tobacco market. This profit growth has been accomplished through its market-leading presence in the U.K. and Ireland, a growing presence on the European continent and promising new business in the former Soviet Union." Peter Wilson For other persons of the same name, see Wilson (surname). Peter Wilson or Pete Wilson is the name of:
American Brands is an international consumer products holding company with headquarters in Old Greenwich, Connecticut. Its operating companies operating company A business that engages in transactions with outsiders. have powerhouse brands and leading market positions. Gallaher Limited sells tobacco products internationally, principally in Europe, where its major brands include Benson and Hedges and Silk Cut Silk Cut is brand of low tar cigarette produced by the Gallaher Group. The packaging is characterised by a distinctive stark white packet with the brand name in a purple square. Tobacco only makes up 75% of the filling; the rest is Cytrel. . Major distilled spirits brands sold by units of JBB JBB Joint Base Balad (Iraq) JBB John Benjamin Band Worldwide, Inc. include Jim Beam and Old Grand-Dad Old Grand-Dad is the name of a bourbon whiskey from Nelson County, Kentucky. The company was created by Raymond B. Hayden and named after his grandfather Basil Hayden, Sr., a well known distiller during his lifetime who is depicted on the front of each bottle. bourbons, DeKuyper cordials and Whyte & Mackay Scotch scotch 1 tr.v. scotched, scotch·ing, scotch·es 1. To put an abrupt end to: The prime minister scotched the rumors of her illness with a public appearance. 2. . MasterBrand Industries has leading hardware and home improvement brands including Moen faucets, Master locks and Aristokraft cabinets. ACCO World Corporation's major office product brands include Day-Timer and Swingline. Acushnet Company's golf brands include Titleist, Cobra, Pinnacle pinnacle (pĭn`ĭkəl), minor architectural motif of vertical tapering shape, usually crowning a pier, buttress, or gable. Although sometimes it appears in Renaissance design, as in the Certosa di Pavia, it is almost exclusively a medieval and Foot-Joy. This press release contains statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future results, which are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in general economic conditions, foreign exchange rate fluctuations, competitive product and pricing pressures, the impact of excise tax Excise Tax 1. An indirect tax charged on the sale of a particular good. 2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the IRS. Notes: 1. increases with respect to international tobacco and distilled spirits, regulatory developments, the uncertainties of litigation, as well as other risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings. -0- B-Roll Footage will be available today via News Broadcast Network Satellite Feed, regular window 1-1:30 p.m. ET. Telstar 401, Channel 3, downlink Transmitting from a satellite to an earth station. Contrast with uplink. frequency 3760, audio 6.2/6.8. -0-
FORTUNE BRANDS/GALLAHER
DIVIDEND(a)
ANNUALIZED
EFFECTIVE RATE
(Per Share)
Current Anticipated
American Brands $2.00
Fortune Brands $0.80
Gallaher 1.20(b)
A.C.T. Refund or 0.30(b)
Credit(c)
TOTAL $2.00 $2.30 +15%
(a) Initial anticipated rate for U.S. taxpayers and eligible U.K.
shareholders who hold Fortune Brands and Gallaher shares.
(b) Based on 77 pence at current $1.56 sterling exchange rate,
dividend equals $1.20 and A.C.T. equals $0.30.
(c) U.K. Advance Corporation Tax paid by Gallaher on its dividends.
-0-
DIVIDEND -- KEY POINTS
-- For U.S. taxpayers and eligible U.K. shareholders, the U.K.
Advance Corporation Tax (A.C.T.) effectively raises the total
anticipated annualized dividend to about $2.30, an increase
of about 15%.
-- U.S. taxpayers will be entitled to a cash refund of the
A.C.T. paid by Gallaher less applicable U.K. withholding
taxes which can be credited against their U.S. income tax
liability.
-- U.K. taxpayers will be entitled to a tax credit against their
U.K. income tax liability equal to the A.C.T. paid by
Gallaher on its dividends.
-- The A.C.T. benefit adds about $0.30 to Gallaher's anticipated
annualized dividend of 77 pence ($1.20 assuming a $1.56
sterling exchange rate).
-- U.S. and U.K. taxable mutual fund shareholders get the same
benefit as individual shareholders, about 15%.
-- U.S. tax exempt shareholders get a 4% benefit.
-- U.K. tax exempt shareholders get a 28% benefit.
Future dividends for Fortune Brands and Gallaher will be
determined by the respective Boards of each company following the
spin off.
The U.S. foreign tax credit is subject to complicated
limitations, so shareholders should consult with their tax
advisor.
-0-
Fortune Brands
Fact Sheet
Fortune Brands will be an international consumer products company
with the number 1 or number 2 brands in highly attractive categories:
hardware and home improvement products, distilled spirits, golf
products, and office products.
Fortune Brands
Historical Operations On A Comparable Basis
(in millions of dollars)
1992 1993 1994 1995 CGR
Net Sales 3,694.6 3,744.0 4,080.0 4,380.8 5.8%
Operating Company
Contribution 514.1 566.7 614.6 640.0 7.6%
Operating Income 438.9 491.6 529.0 553.3 8.0%
Net Income from
Continuing 80.4 101.9 121.7 122.4 15.0%
Operations
Reported results adjusted to exclude sales, operating results and
gains or losses on businesses sold. Results have also been adjusted
to exclude restructurings and other material non-recurring charges
and credits.
-- Goal is for E.P.S. growth of 13% to 15% assuming a satisfactory
economic and pricing environment.
-- On a restated, historical basis over the past three years
(adjusting for unusual items):
--Sales grew at about a 6% compound annual growth rate (CGR).
--Operating Income at around 8%, and
--Net income at 15%.
-- Growth is driven by great brands.
-- Hardware and home improvement products will account for about
one-third of operating income. Brands include:
--Moen: The North American leader in kitchen and bath faucets.
--Master Lock: number 1 padlock in the world.
--Aristokraft: number 2 in U.S. kitchen and bath cabinets.
--Waterloo: number 1 tool storage manufacturer worldwide.
-- Distilled spirits will also contribute about one-third of
operating income.
Brands include:
--Jim Beam bourbon: number 1 bourbon worldwide.
--DeKuyper: number 1 cordial line in the U.S.
--Whyte & Mackay Special Reserve: number 2 scotch in
Scotland.
--Vladivar: number 2 vodka in U.K.
-- The remaining third of operating income will be split between
golf and office products.
-- ACCO World is the number 1 worldwide office products company.
Its brands include:
-- Swingline: number 1 stapler.
-- ACCO: number 1 paper clip, fastener, data binder and punch.
-- Day-Timer: A leader in time management and personal
productivity solutions.
-- Acushnet is the largest manufacturer of golf products.
Its brands include:
-- Titleist: number 1 golf ball worldwide, its DCI irons are
number 1 with club pros.
-- Cobra: number 1 iron and number 2 golf club, and
-- Foot-Joy: number 1 golf shoe and glove.
-- Building on great brands:
-- 11 have sales in excess of $100 million: Moen, Titleist, Jim Beam,
Master Lock, ACCO, Aristokraft, Foot-Joy, Wilson Jones, Day-Timer,
DeKuyper and Cobra.
-- Focused on delighting two key constituencies: Consumers of
our products and owners of our stock.
-- American Brands spent $1.7 billion to reduce fully
diluted shares by over 12 million, or 7% in 1996, and by
30 million, or more than 14%, in 1995. After the
Gallaher spin-off, Fortune Brands may repurchase 10
million shares, depending on market conditions and other
investment considerations.
-- $715 million acquisition of Cobra Golf to enhance our
position in an industry with excellent growth potential.
-- Fortune Brands, as structured, with a total debt to
capital ratio in the low 20s, will have the financial
capability to invest in growth through acquisitions.
-- Contemplated initial annual dividend of 80 per share
would represent a mid-to-high 40s payout.
-- Dividend could be increased periodically, while perhaps
somewhat reducing the payout ratio over time.
-- Key Executives:
-- Thomas C. Hays: Chairman of the Board and Chief Executive
Officer
-- John T. Ludes: President and Chief Operating Officer
Headquarters Old Greenwich, Connecticut
Employees Approximately 23,800 worldwide
-0-
Gallaher
Fact Sheet
Gallaher is the leading manufacturer of tobacco products in the
United Kingdom. It also is the number one company in the Republic of
Ireland and has a growing presence in continental Europe and the
former Soviet Union. Gallaher's shares of the U.K. and Republic of
Ireland cigarette markets for the first six months of 1996 were 39%
and 43%, respectively.
Gallaher
Historical Operations On A Comparable Basis
(in millions of pounds)
1992 1993 1994 1995 CGR
Net Sales 3,607.9 3,988.5 4,006.3 4,079.4 4.2%
Operating Company
Contribution 322.3 349.0 340.7 354.0 3.2%
Operating Income 322.3 347.4 337.4 350.2 2.8%
Net Income from
Continuing 201.0 224.7 209.9 231.5 4.8%
Operations
U.S. GAAP reported results adjusted to exclude sales, operating
results and gains or losses on businesses sold. Results have also
been adjusted to exclude restructurings and other material
non-recurring charges and credits.
-- Gallaher's leading U.K. brands include:
--Benson and Hedges, the number 1 cigarette brand.
--Silk Cut, the number 1 low-tar brand.
--Hamlet, the number 1 cigar.
--Condor, the number 1 pipe tobacco, and
--Old Holborn, the number 2 hand-rolled tobacco.
-- Gallaher's major brands by price category are:
Share of Category - Consumer Sales - 6 Months 1996
--Premium: Benson and Hedges, Silk Cut. 54%
--Mid-price: Berkeley Superkings, Benson and Hedges
Superkings. 42%
--Low-Price: Mayfair, Sovereign, Berkeley King Size. 10%
-- Major competitors in the U.K. and their shares of consumer
sales (6 months, 1996)
Gallaher 39.0%
Imperial 37.7%
Rothmans/Philip Morris 13.1%
Reynolds 2.5%
Others 7.7%
-- In 1995, Gallaher's cigarette volume totaled 43.62 billion units. -- Gallaher has a growing international presence. Last year unit sales outside the U.K. reached 37% of U.K. volume. -- Aggressively enhancing operations and brands: --37% reduction in total workforce since 1990. --Invested $30m in new state-of-the-art distribution center; closed 7 regional distribution centers since 1991, overall, the distribution workforce has been reduced 83%. --4.4% U.K. cigarette average price increase (excluding excise taxes excise taxes, governmental levies on specific goods produced and consumed inside a country. They differ from tariffs, which usually apply only to foreign-made goods, and from sales taxes, which typically apply to all commodities other than those specifically exempted. ) in 1996. --Berkeley launched King Size to expand low-price offering; also launched mid-price Ultra Lights line extension in 1995. --Launch 3/96 of Sovereign King Size from Benson and Hedges at the upper end of the low-price sector, and combined with its other low-price brands increased its share of the category from 5.6% in first half 1995 to 10% in 1996 first half. -- Gallaher has the brands, the marketing expertise and the employees to prosper as an independent company. -- Dividend: -- Gallaher's initial annualized dividend is expected to be 77 pence ($1.20 based on current $1.56 sterling exchange rate) per old American Brands share. -- Key Executives: -- Peter M. Wilson: Chairman and Chief Executive -- Philip R. Burchell: Deputy Chairman and Director of Finance GENERAL INFORMATION Headquarters Weybridge, Surrey Surrey, county (1991 pop. 997,000), 653 sq mi (1,691 sq km), SE England. The county seat is Guildford. The North Downs cross the county from east to west. To the north the land slopes gently downward to the Thames, into which flow the Wey and the Mole, Surrey's , England Employees Approximately 3,700 CONTACT: Media Relations: Roger W. W. Baker (203) 698-5148 or Investor Relations Investor relations The process by which the corporation communicates with its investors. : Daniel A. Conforti (203) 698-5132 |
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