A holding company whose businesses range from snuff to insurance to billboards has moved to Long Island and is slated to begin trading on a tier of the New York Stock Exchange on Wednesday.
Standard Diversified Inc. moved from Wilmington, Delaware, to Mineola in January and begins trading on the NYSE American exchange under the ticker symbol SDI.
Last week, the company announced that it had changed its name from Standard Diversified Opportunities Inc.
The company has been trading over the counter under the ticker symbol SDOIA.
Standard Diversified's holding include a 51.2 percent stake in Turning Point Brands Inc., a publicly traded manufacturer and distributor of non-cigarette tobacco products.
Those products include Stoker’s snuff and chewing tobacco, Red Cap pipe tobacco, VaporBeast liquids for electronic cigarettes and Zig-Zag rolling papers.
The company also has two wholly owned subsidiaries: Pillar General, an insurance company offering property, casualty and personal automobile coverage, and Standard Outdoor, an outdoor advertising company that operates in Texas and the Southeast.
In a news release about the NYSE listing, the company described itself as "industry agnostic" and said it is "exploring a variety" of potential deals.
The company's 2017 revenue of $285.8 million, up from $206.2 million in 2016, immediately vaults the company into the top 20 of Long Island public companies. The No. 1 Long Island public company by 2017 revenue is Henry Schein Inc. with $12.5 billion.
Standard Diversified's net income was $17.1 million, down from $26.9 million in 2016.
Standard Diversified had 356 employees on March 1, including 289 at Turning Point, 58 at Pillar General's Maidstone Insurance Co. unit and six at Standard Outdoor, the company said in a government filing.