Reynolds to End Race Sponsorship
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R.J. Reynolds Tobacco Holdings Inc., the No. 2 U.S. cigarette maker, said it will cancel its sponsorship of an auto-racing series that includes teenagers to comply with a legal settlement.
The maker of Winston and Camel cigarettes won’t sponsor the Winston Racing Series after the end of this year’s season. Under the tobacco industry’s $206-billion settlement of lawsuits filed by 46 states, cigarette companies are banned from sponsoring events with participants under age 18. The Winston Racing Series sometimes has 16- and 17-year-old drivers.
Cigarette companies such as Winston-Salem, N.C.-based R.J. Reynolds have the right to sponsor only one sporting event a year under terms of the settlement. Previously, a company could sponsor as many as it liked.
The company said it will continue its sponsorship of the NASCAR Winston Cup Series.
R.J. Reynolds was spun off in June from RJR Nabisco Holdings Corp., which in May sold its international tobacco business to Japan Tobacco Inc.
R.J. Reynolds’ shares fell 13 cents to close at $26.88 on the New York Stock Exchange.
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