Altria Overseas Tobacco Unit Spinoff Set

Source from:  NEW YORK Associated Press January 31, 2008 02/01/2008

Altria Group Inc. said Wednesday that 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. The unit 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 authority to restrict tobacco advertising, regulate warning labels and remove hazardous ingredients. Enditem