Monday, January 12 2009
Nashville - CAO International, Inc. announced today that Nobel Cigars, a subsidiary of the Scandinavian Tobacco Group (The ST Group), has acquired the cigar factories of the Toraño and Olivas families, known as Latin Cigars Nicaragua and Latin Cigars Honduras, for an undisclosed amount.
The ST Group in Copenhagen, Denmark, is one of the world's top three cigar companies, having 10 subsidiaries in nine different countries, and owns CAO International, Inc., one of the world's foremost premium cigar brands. The ST Group is also the number one pipe tobacco company in the world. With the acquisition, The ST Group further expands its global position in the premium cigar market. Latin Cigars Nicaragua and Latin Cigars Honduras, formerly owned by the Toraño and Olivas families, manufactures several renowned brands including CAO and Carlos Toraño.
"Toraño and The ST Group share not only a common passion for tobacco, but also maintain a similar philosophy towards consistent quality and continuous evolution," said Toraño Cigar President Charlie Toraño. "My family will remain actively involved in the day-to-day business operations of the manufacturing of Carlos Toraño brand cigars. Our family will also retain ownership of the Toraño brand, as Carlos Toraño cigars are not part of this deal. Further, Fidel Olivas and his sons will continue to manage and supervise both factories. I am excited about the possibility of what we can achieve by combining our generations of tobacco expertise with The ST Group's vast resources." ST Group President, Anders Friis, added, "The acquisition reflects The ST Group's commitment to perpetual growth and deep-rooted dedication to the cigar industry." £
For more information on The ST Group and Carlos Toraño Cigars please visit www.st.dk and www.toranocigars.com.
