The Tisch family continues to dismantle Loews Corp. The latest divestiture is the planned spinoff of cigarette maker Lorillard as a separately traded company. Loews will spin off Lorillard, which is best known for its Newport cigarettes, to shareholders of the company's tracking story Carolina Group.
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Loews' interest in Lorillard, the country's oldest tobacco company, dates back to 1968 when brothers Laurence Tisch and Preston Robert Tisch set about to to expand the family's business beyond hotels. The pair followed the Lorillard deal with the purchase of insurer CNA Financial Corp. in 1974.
However, it seems under the management of James Tisch, the son of the late Laurence Tisch, the company is whittling down its holdings. In October, Loews agreed to sell watchmaker Bulova to Japan's Citizens Holdings Co. for $247 million, according to Reuters. Could other divestitures be far behind? — Matthew Wurtzel
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