Altria
Altria, formerly known as Philip Morris Companies, is a major player in the tobacco industry. It owns several subsidiaries and has investments in other companies. Altria was part of the Dow Jones Industrial Average until 2008.
Related
In 1985, the publicly held Philip Morris Companies was incorporated as the parent company of Philip Morris Inc.
In 1999, Altria purchased all rights to the Liggett cigarette brands L&M, Chesterfield, and Lark.
In 2003, Philip Morris Companies changed its name to Altria to reflect its diversified business portfolio beyond tobacco products. The name 'Altria' was chosen to convey a sense of high values and altruism, distancing itself from the negative connotations of tobacco.
In August 2006, the Altria group was convicted of civil fraud and racketeering due to deceptive marketing practices related to 'light' and 'low tar' cigarettes, misleading consumers about the safety of these products.
On March 30, 2007, Altria spun off its 88.1% stake in Kraft Foods by distributing the remaining shares to its shareholders.
In 2008, Altria officially relocated its headquarters from New York City to Richmond, Virginia, where most of its operations were already based.
In 2009, Altria finalized its purchase of UST Inc., whose products included smokeless tobacco and wine.
By 2010, Altria Group (MO) had dropped to the 137th position on the Fortune list, while its former asset, Philip Morris International, was ranked 94th.
Members of the board of directors of Altria Group as of February 2013 included prominent individuals like Elizabeth E. Bailey, Gerald L. Baliles, Martin Barrington, and others.
On December 8, 2018, Altria announced its intent to acquire a 45% stake in Cronos Group for $1.8 billion.
On December 20, 2018, Altria finalized the acquisition of a 35% stake in JUUL Labs, an e-cigarette company based in San Francisco, for $12.8 billion.
On November 3, 2019, it was reported that Altria was taking a $4.5 billion writedown on its stake in Juul, 35% of its original value.
For the fiscal year 2020, Altria reported earnings of US$4.45 billion, with an annual revenue of US$26.15 billion.
On October 27, 2022, Altria and Japan Tobacco announced a joint venture called Horizon Innovations LLC to sell Ploom heated tobacco sticks in the United States.
Altria completed the acquisition of NJOY Holdings, Inc. on June 1, 2023.
Altria
Popular
Recently Added
