Philip Morris Prepares for Spinoff

Source from:  chron.com The Associated Press  09/29/2007

Philip Morris International Inc. said Thursday it filed a registration statement with the Securities and Exchange Commission to prepare for its planned spinoff from parent company Altria Group Inc. Altria said on Aug. 29 it planned to separate the businesses and expects to provide exact timing of the spinoff on Jan. 30. Philip Morris, which makes tobacco products including Marlboro cigarettes, filed papers with the SEC to notify the agency of its plans. The move is intended to free each company to pursue profit more aggressively on its own, and clears the international business from the legal and regulatory constraints facing its U.S. counterpart, Philip Morris USA. Enditem