US. Altria Group yesterday announced its intention to spin-off its successful global tobacco division Philip Morris International Inc.
The group said it will be in a position to finalize its decision and announce the precise timing of the spin-off at its regularly scheduled meeting on January 30, 2008. Philip Morris International also handles the group’s business in the travel retail channel around the world.
Upon completion of the plan, it is anticipated that Michael Szymanczyk will be appointed Chairman and Chief Executive Officer of Altria Group and Louis Camilleri will assume that role at Philip Morris International.
“Today’s announcement underscores our sustained and determined commitment to create enduring long-term shareholder value. I am convinced that this transaction will enhance growth at both Altria and Philip Morris International,” said Camilleri, currently Chairman and Chief Executive Officer of Altria.
ALTRIA GROUP FACTFILE
As of 30 June 30 Altria Group owned 100% of Philip Morris International Inc, Philip Morris USA Inc and Philip Morris Capital Corporation, and approximately 28.6% of brewer SABMiller.
The brand portfolio of Altria Group’s tobacco operating companies includes such well-known names as Marlboro, L&M, Parliament and Virginia Slims. Altria Group, Inc. recorded 2006 net revenues from continuing operations of US$67.1 billion.
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