Altria to spin off Philip Morris International
- January 31, 2008
by Jessica Sabbath
Altria Group Inc. will spin off its international cigarette unit on March 28, freeing it from the U.S.’s legal, regulatory and public relations issues.
Once spinoff is complete, the company will move its headquarters from New York to Richmond, home of Philip Morris USA.
The move will mean that about 57 billion cigarettes currently manufactured here will move overseas, the Richmond Times-Dispatch reported.