Reynolds Seeks Ironic Deal: Report

NEW YORK (TheStreet) -- Reynolds American(RAI Quote) is, ironically enough, looking to help people quit smoking. Or at least they're in talks to buy a firm that does just that; you can draw your own conclusions.

Reynolds American, maker of Camel cigarettes, is in talks to buy Niconovum AB, a Swedish company that sells nicotine-replacement products like gum and spray outside the U.S., according to The Wall Street Journal.

The deal could be worth $44.5 million, the Journal reported, citing David Sweanor, a Canadian law professor and tobacco expert, who said he was briefed by people close to the talks.

Reynolds, along with other cigarette makers like Altria(MO Quote), has been beefing up its offerings of non-tobacco products, including smokeless cigarettes.

While Reynolds posted a 72% surge in its third-quarter profit, shipments were down 11%. Regardless, the company said its smokeless tobacco unit, Conwood, sold 11.7 % more moist-snuff products by volume during the quarter.

-- Reported by Jeanine Poggi in New York

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