CONSUMER PRODUCTS
From Times Staff and Wire Reports
Philip Morris Plans $6-Billion Stock Buyback: Philip Morris Cos. took major steps to strengthen its stock price. It raised the shareholder dividend nearly 20% and pledged $6 billion to buying back stock over the next three years. The moves, authorized by the board of directors, come as the consumer product powerhouse known for Marlboro cigarettes, Miller beers and Jell-O desserts is under pressure from large investors to boost the value of their holdings.
