The cigarette industry, like many of its customers, is gasping for air. And now it's turning more than ever to racial targeting to survive.
Reynolds American, the No. 2 U.S. tobacco maker after Altria, on Tuesday announced a deal to buy No. 3 cigarette maker Lorillard for about $25 billion. It would be the latest, and one of the biggest, in a string of mergers in reaction to regulatory crackdowns and the long decline of smoking.