Altria to Spin Off Tobacco Business Outside U.S.
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Altria said the move would free Philip Morris International to pursue cigarette sales more aggressively outside the United States by separating it from its Virginia-based counterpart.
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Altria Group Inc., owner of the Philip Morris cigarette companies, said Wednesday that second-quarter income fell more than 18 percent but also reported a rise in profit from continuing operations and revenue.
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NEW YORK (Dow Jones/AP) -- Altria Group Inc. is beginning to make the needed preparations to possibly split up into several parts in order to maximize shareholder value, chairman and chief executive Louis Camilleri said Thursday.
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Altria Group Inc.  posted lower quarterly profit on Wednesday, due in part to costs for closing a U.S. cigarette plant as it moves some production to Europe in a move to cut costs and reduce excess capacity.
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In the best combination of tobacco &#39;n&#39; food news since Homer Simpson&#39;s tomacco, today Altria Group (NYSE: MO) and its cheesy stepchild Kraft (NYSE: KFT) both upped their dividends.
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Altria, the owner of food company Kraft and the world&#39;s biggest cigarette maker Philip Morris, may split itself up to help limit the effect of legal battles.
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British American Tobacco, the world&#39;s second biggest cigarette maker, has beaten forecasts with a 13.5 percent rise in third-quarter profits after upbeat trading from Italy
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Peru recently made a decision that appears destined to result in the equivalent of a global &quot;no smoking&quot; sign, a development that spells yet more trouble for tobacco companies.
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Gallaher Group, which makes Silk Cut and Benson &amp; Hedges cigarettes, yesterday announced a small rise in profits for the first half of the year but said it was facing tough trading outside Britain, especially in Germany and Ireland.
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Kraft, the world's second-largest food and drinks firm, is to be spun off by its owner into a separate business.
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A German chemical and pharmaceutical company, Altana, said that it was selling its drugs business to Nycomed Holding of Denmark for 4.5 billion euros ($5.75 billion), following through on its intention to split the company and focus on its chemicals operation. Altana, based in Bad Homburg outside Frankfurt, is selling the business because it is too small to compete in the global drug industry. Altana said it would focus on its specialty chemicals business and keep its stock exchange listing. Nycomed, which focuses on prescription drugs for gastrointestinal and respiratory diseases, is owned by a consortium of private equity companies: the Blackstone Group, CSFB Private Equity, NIB Capital Private Equity and Nordic Capital. It will distribute AltanaÂs top-selling drug, the ulcer treatment Pantoprazol, in Nordic countries and Belgium.
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Altria Group Inc  said on Wednesday it plans to spin off its international tobacco unit but will not give details on the timing of the much anticipated move until January.
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The recent decision by conglomerate Loews  to spin off its Lorillard tobacco unit could boost its stock by shrinking its total shares outstanding by 20 percent and eliminate much of the remaining tobacco-liability risk, Barron's said on Sunday.
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Altria, the owner of food company Kraft and the world's biggest cigarette maker Philip Morris, may split itself up to help limit the effect of legal battles.
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Loews Corp  said on Monday that it planned to spin off its Lorillard Inc cigarette unit, whose brands include Newport, Kent and Maverick.
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Tobacco and food giant Altria Group Inc. is moving ahead with preparations to break itself up into two or three businesses, the company&#39;s chairman and CEO said Thursday.
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Cigarette giant says it expects full-year profit to be at the high end of previous forecast range. CHICAGO  - Altria Group Inc.