Altria may spin off some cigarette business: report
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The board of the parent company of Philip Morris USA and Philip Morris International is to meet next week to decide whether to spin off the international arm of its cigarette business, The New York Times reported on Saturday.
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Altria, which includes Philip Morris, has been looking for a way to extract divisions from the American tobacco unit, which has been mired in litigation for years.
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CIGS aren't on the market yet, but there's a lot of money floating around. And the Miasole layoff rumors aren't true, says company.
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Loews, which has interests in financial services, hotels and watches, said it plans to spin off Lorillard, one of the largest U.S. cigarette makers, into a separate publicly traded company.
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Altria Group Inc  posted a 26 percent decline in quarterly earnings on Wednesday due to the spinoff last year of Kraft Foods, and set March 28 as the date for its planned spinoff of Philip Morris International.
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The U.S. tobacco king sets a date for its planned spinoff and announces share buybacks boosting its shares.
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The Whitney Museum of American Art at Altria will close on Tuesday after 25 years of presenting new work by contemporary artists at 120 Park Avenue, at 42nd Street. The closing of the branch, which was expected, comes as Altria, formerly the Philip Morris Companies, prepares to relocate its corporate headquarters from the site.
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Altria Group said on Wednesday it plans to spin off its international tobacco unit but will not give details on the timing on the much anticipated move until January.
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The spin off, the latest step in a restructuring process begun in March when Altria spun off its stake in Kraft Foods, would free the international tobacco business from domestic legal and regulatory constraints.
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Altria Group Inc., parent of tobacco firm Philip Morris and majority owner of Kraft Foods Inc., said Wednesday that its board raised its quarterly dividend by 7.4 percent to 73 cents from 68 cents.
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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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Altria announces plans to spin off its Philip Morris International tobacco arm, allowing it to focus on emerging markets.
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Altria Group Inc.&#39;s Philip Morris USA has started to increase cigarette prices, providing what some analysts consider the first sign of life in the US cigarette market since 2002.
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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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The Altria conglomerate&#39;s possible breakup raises questions for workers in the Kraft foods and information technology divisions in Hanover Township.
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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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With waning cigarette sales due to concerns about health, smoking bans and price increases, Philip Morris USA is staking its future in a new research center meant to develop products to reduce the risk of tobacco use.