Altria to spin off foreign division

From Times Wire Services

Altria Group Inc. will spin off its overseas unit March 28, bowing to U.S. investors demanding higher dividends and stock buybacks.

Shareholders will get one Philip Morris International share for each Altria share, the New York company said.

Altria Chief Executive Louis C. Camilleri will become CEO of the Lausanne, Switzerland-based overseas division and work to accelerate growth into emerging markets as smoking bans spread in Western Europe.