Altria to Spin off International Tobacco Group

Source from:  money.cnn.com NEW YORK (AP) 01/31/2008

The separation could shield Philip Morris International from plans to give FDA authority to restrict tobacco advertising, regulate warning labels. New research suggests moderate drinking and exercise may benefit your heart, but there are several caveats. Altria Group said Wednesday it would spin off its international tobacco business on March 28, freeing it to pursue cigarette sales more aggressively outside the U.S. by separating it from its American counterpart. The two tobacco units each make Marlboros, one of the world's top-selling cigarette brands. The details of the spinoff, tentatively approved by the Altria board last August, were announced as the company reported that fourth-quarter profit fell 26% from year-earlier results boosted by a gain related to a reorganization in 2006. Lausanne, Switzerland-based Philip Morris International has said that it would rank as the biggest non-governmental cigarette maker in the world, behind the state-owned China National Tobacco. PMI makes Marlbo