Wednesday, August 29, 2007
Altria Group announced the second phase of its restructuring -- the spinoff of its international tobacco business. Philip Morris International will be based in Switzerland, and the current Altria CEO, Louis Camilleri, will head it. It will be able to market cigarettes abroad without US regulatory constraints. Earlier this year Altria spun off Kraft Foods. WSJ, Altria to Spin Off International Unit.