Regions Central Virginia

Altria to spin off Philip Morris International

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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.

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