Altria Formalizes PMI Spin

Source from:  tr.itsmyiq.com Jan 30, 2008 02/01/2008

Altria's board of directors today confirmed the previously announced intention to spin off Philip Morris International, which will be effective on March 28. The company also announced a $20.5 billion share repurchase program. Philip Morris USA reported net revenues of $15 billion and operating income of $4.5 billion in 2007-up 1.2 percent and down 6.1 percent over 2006 respectively. PMI reported $22.8 billion net revenue in 2007, an increase of 9.6 percent over the previous year. Operating income was $8.9 billion. Enditem