Altria Spinning Off International Tobacco Business

Source from:  cbs4.com NEW YORK (AP) 01/31/2008

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. 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 Marlboros, L&M and Bond Street cigarettes, while Philip Morris USA makes the Marlboro, Virginia Slims, Parliament and Basic brands for U.S. consumers. The separation could shield Philip Morris International from U.S. legal and regulatory issues, such as pending legislation to give the Food and Drug Administration the authority to restrict tobacco advertising, regulate warning labels and remove hazardous ingredients. Critics of the spinoff say it gives the international unit the chance to unlea