B.A.T INDUSTRIES PLC

British conglomerate formed on July 23, 1976, in the merger of Tobacco Securities Trust Company Limited (TST) with British-American Tobacco Company Limited (BAT). In the late 20th century it was the world's largest manufacturer of tobacco products. The company was converted into a public limited company in 1981. The international headquarters are in London. The American subsidiary, BATUS Inc., is headquartered in Louisville, Ky. BAT was incorporated in 1902 to handle international trade in tobacco products; its major stockholder was the American Tobacco Company until 1911, when a U.S. Court of Appeals dissolved the trust, and BAT became independent. In 1927 it acquired the Brown & Williamson Tobacco Corporation. In 1970 it acquired majority control of Wiggins Teape Limited, a paper products manufacturer. Beginning in 1971 it began investing in American department-store chains, eventually buying Marshall Field and Company and Saks Fifth Avenue. It sold these two businesses in 1990, however. In 1989 BAT entered the field of financial services with the purchase of the insurer Farmers Group Inc. TST was incorporated by BAT in 1928 as an investment trust and acquired minority holdings in certain subsidiary and associated companies of BAT, mainly overseas. In the merger in 1976, TST changed its name to B.A.T Industries, and the old BAT became a wholly owned subsidiary. BAT's main business operations are in tobacco, retailing, paper, and financial services.