GREENWICH, Conn. -- UST Inc., currently headquartered in Greenwich, Conn., said it has signed an agreement to move its corporate headquarters next year to the High Ridge Park Corporate Center in neighboring Stamford, Conn.
The agreement calls for UST to rent approximately 138,000 square feet off Exit 35 of the Merritt Parkway. Preliminary work has already begun to redesign and retrofit the space to meet the company's needs, with the intent of relocating its 350 employees to the new site by the end of summer 2007.
UST will list [image-nocss] for sale within the next few weeks its current home in Greenwich, where the company has been based since 1970. The sale, which is part of a major cost-savings initiative now under way known as Project Momentum, will enable the company to unlock the value of the building so those funds can be reinvested in its moist smokeless tobacco and premium wine businesses, it said.
When considering where to relocate its offices, UST explored a number of options both in-state and out-of-state before deciding to stay in Connecticut. The decision was based on the company's receiving a package of financial incentives arranged by Governor Jodi Rell, coupled with a desire to minimize the disruption to its operations and dislocation of employees.
Once that decision was announced, Stamford mayor Dannel P. Malloy reached out to UST and began discussions to have the company establish its headquarters there.
In other company news, U.S. Smokeless Tobacco Co. said it will launch a new citrus blend product in its Skoal line of premium moist smokeless tobacco. New Skoal Citrus Blend, available at retail in both Long Cut and Pouches starting March 12, 2007, will be made with premium, guaranteed fresh, 100% American-grown tobacco blended with the taste of citrus.
The dual launch of Skoal Citrus Blend Pouches and Long Cut will be supported by direct mail, adult sampling and point of sale, while 15-can pre-pack retail displays containing a mix of both new products will drive awareness and trial.
UST Inc. is a holding company for its principal subsidiaries: U.S. Smokeless Tobacco Co. and International Wine & Spirits Ltd. U.S. Smokeless Tobacco is a major producer and marketer of moist smokeless tobacco products, including Copenhagen, Skoal, Red Seal and Husky. International Wine & Spirits produces and markets premium wines sold nationally through the Chateau Ste. Michelle, Columbia Crest, Conn Creek and Villa Mt. Eden wineries, as well as sparkling wine produced under the Domaine Ste. Michelle label.
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