R.J. Reynolds Tobacco Company Donates Property to Piedmont Triad Research Park
December 16 2005 - 5:14PM
PR Newswire (US)
WINSTON-SALEM, N.C., Dec. 16 /PRNewswire/ -- R.J. Reynolds Tobacco
Company (R.J. Reynolds) and Piedmont Triad Research Park (PTRP)
today announced that R.J. Reynolds has completed the donation of 16
acres of property in downtown Winston-Salem to PTRP. The grant
includes 10 acres that R.J. Reynolds originally agreed to donate in
2002 as well as six additional acres of buildings and property. The
land being donated includes the original agreed-upon donation
located on Vine Street, between Fourth and Seventh Streets,
including two buildings, as well as a company parking lot located
on the corner of Seventh and Linden Streets. The six-acre
additional donation includes a building on the corner of Fifth
Street and Patterson Avenue, as well as two company parking lots
located on Seventh Street and Patterson Avenue. The donated
property is currently not used by the company. The assessed value
of the property is $12.4 million. "R.J. Reynolds has long been
committed to local economic development," said Susan Ivey, chairman
and chief executive officer of R.J. Reynolds Tobacco Company and
chief executive officer of Reynolds American Inc. "This donation
will allow PTRP to move closer to realizing its vision of creating
a vibrant life-sciences research and product development complex in
downtown Winston- Salem, providing additional job opportunities and
increasing our local economic base." R.J. Reynolds has also
committed to donate to PTRP an additional 22 acres of land and
property downtown at a future date to be determined. These
properties are currently in use by R.J. Reynolds. A date for the
future donation will be determined based on PTRP's needs for
further expansion, as well as the operational needs of R.J.
Reynolds. The company's downtown headquarters complex is not
included the donations. "This significant gift is a tremendous
boost to the long-term development of the Park," said Dr.
Christopher H. Price, executive director of PTRP. "We appreciate
the generosity of R.J. Reynolds in giving back to the community by
providing PTRP assets on which to grow the Park and to attract new
businesses into our area. We will now begin the process of formal
studies of the buildings and associated land to determine the
potential utility of the property within the Master Plan of the
Park." R.J. Reynolds Tobacco Company, an indirect subsidiary of
Reynolds American Inc. (NYSE:RAI), is the second-largest tobacco
company in the United States, manufacturing about one of every
three cigarettes sold in the country. The company's brands include
five of the 10 best-selling U.S. cigarette brands: Camel, Kool,
Winston, Salem and Doral. For more information, visit
http://www.rjrt.com/. DATASOURCE: R.J. Reynolds Tobacco Company
CONTACT: Craig Fishel of R.J. Reynolds Tobacco Company,
+1-336-741-1674; or Nancy Johnston of Piedmont Triad Research Park,
+1-336-716-8508 Web site: http://www.rjrt.com/
Copyright
Reynolds (NYSE:RAI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Reynolds (NYSE:RAI)
Historical Stock Chart
From Sep 2023 to Sep 2024