Altria May Announce Timing of Philip Morris International Spinoff
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Associated Press
Published: January 28, 2008
NEW YORK (AP) - Altria is expected to tell investors on Wednesday exactly when it will spin off Philip Morris International, a plan that will separate its domestic and international tobacco operations.
Philip Morris International is based in Switzerland and makes Marlboro, L&M and Bond Street cigarettes, while Richmond, Virginia-based Philip Morris USA makes the Marlboro, Virginia Slims, Parliament and Basic brands for U.S. consumers.
The board of New York-based Altria Group approved the spinoff last August but said it would finalize its decision and give the exact timing of the spinoff at its board meeting on January 30th.
The plan for PMI is part of a multiyear restructuring that started with the spinoff of Altria’s majority stake in Kraft Foods last March.
When Philip Morris International is spun off, Altria will consist mainly of Philip Morris USA and a 28.6 percent stake in beer company SABMiller, which makes Miller Genuine Draft, Pilsner Urquell and Snow.
As part of its restructuring plan, Altria will move its headquarters to join Philip Morris USA’s office in Richmond from Manhattan.
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