ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Friday, April 25, 1997 TAG: 9704250055
SECTION: BUSINESS PAGE: A-10 EDITION: METRO
DATELINE: RICHMOND
SOURCE: ASSOCIATED PRESS|
The chairman of Philip Morris Cos. said Thursday the company is willing to discuss government regulation of tobacco and to explore ``reasonable measures'' to end health-related litigation.
Geoffrey C. Bible told shareholders that the No.1 cigarette maker is on firm legal ground, yet he indicated a willingness to negotiate with industry critics.
He declined to discuss progress in talks to settle lawsuits by two dozen states seeking to recover smoking-related health costs, but he added: ``We will listen to and explore all reasonable measures that make sense.''
Bible also said that while Philip Morris opposes Food and Drug Administration regulation of tobacco, the maker of Marlboro cigarettes is ``prepared to work with responsible government representatives and others to develop a consensus about a regulatory system that would be balanced, reasonable and effective.''
A judge in North Carolina is expected to rule today on the constitutionality of FDA rules restricting tobacco advertising and sales aimed at teen-agers.
Bible was less combative in his defense of the company than in years past, when he vowed to fight and win lawsuits that he characterized as ploys by money-hungry lawyers.
Philip Morris accounts for about half of the cigarettes sold in the United States. In addition to Marlboro, it makes the Virginia Slims, Benson & Hedges and Merit brands.
``I hate to see the company surrender,'' stockholder Clifford Williams of James City County said after the meeting. ``I understand the tremendous pressure.''
But Jim Willett of Mebane, N.C., predicted there will be no settlement and ``Philip Morris will come out on top.''
LENGTH: Short : 43 linesby CNB