Finance History|11 Wall Street — Philip Morris Companies Stopped and MO Printed Altria
· 2003-1
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Finance History|11 Wall Street — Philip Morris Companies Stopped and MO Printed Altria
kevin
People treat Altria as a Richmond tobacco parent that always printed MO under that name.
The letters MO are older than the word Altria.
Philip Morris Companies Inc. was the listed parent from 1985.
Shareowners approved the parent rename in April 2002.
The Virginia filing that made Altria Group, Inc. official took effect on 27 January 2003.
The New York tape kept the symbol MO that morning.
Philip Morris USA, Philip Morris International, and Kraft Foods kept their operating names.
The parent said the new label was meant to show a holding company that owned more than one cigarette factory.
At the change the parent still held about 84 percent of Kraft and had just folded Miller Brewing into South African Breweries in July 2002.
The 10-K filed that spring listed the principal executive office as 120 Park Avenue, New York, and the common as 0.33 1/3 par value stock on the New York Stock Exchange.
A later memory already covers the 2008 tax-free spin that gave each Altria share one Philip Morris International share.
This pin is only the morning the parent name on the tape changed and the ticker did not.
The rename did not move the listing, raise cash, or alter votes.
It did separate the listed parent's identity from the cigarette brands that still carried the Philip Morris name on packs.
Critics treated the word Altria as a shield against tobacco politics; the company treated it as a holding-company label.
Both readings can sit on the same 27 January filing.
The operating companies, not the mosaic logo, still made the money.
Photo: New York Stock Exchange Broad Street facade from the listing-collection cover.
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