"The company did not move on Long Horn, its subprice value offering," Modi wrote.
The price hike follows similar moves by Winston-Salem, N.C.-based Reynolds American Inc. and Richmond, Va.-based Altgria Group Inc.'s Philip Morris USA on some of their MST (as well as cigarette) brands.
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"Altria did not raise prices on its subprice value brand Husky either," added Modi
He said, "We are pleasantly surprised to see uniform price hikes across the MST space this year. Prior to Altria's increase, we were not modeling any price hikes across MST until 2011. We are not changing our numbers as we are looking for further clarity on how much of the price increases will be reinvested."
Swedish Match has a broad assortment brands in smokefree tobacco, cigars and pipe tobacco, matches and lighters. Some of its brands include General, Red Man, Timber Wolf and Longhorn. Swedish Match U.S. Sales is headquartered in Richmond, Va.
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