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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO) -- Ignore unavailable to you. Want to Upgrade?

To: md1derful who wrote (6356)	1/27/2003 12:46:04 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 6439

It's Official, Philip Morris Is Redubbed Altria Group By CHRISTINA CHEDDAR BERK Of DOW JONES NEWSWIRES NEW YORK -- More than a year after first announcing its intention to change its name, Philip Morris Cos. (MO) said Monday its switch to Altria Group Inc. is official. The New York company, which is the parent of tobacco and food companies, will continue to trade under the ticker symbol "MO." The company said the name change is aimed at providing better clarity to its corporate structure. But some critics have dismissed the move as an attempt to place further distance between the company's corporate identity and its tobacco business, which has been under assault for decades from antismoking advocates. "When a company changes its name, there is often criticism," said Chairman and Chief Executive Louis Camilleri in a written statement issued to employees Friday. "But I am convinced this is the right thing to do and the right time to do it. Adopting a new name for our parent company is a natural next step in the evolution of this enterprise." The name Altria is inspired by the Latin word "altus," which means high or lofty. Wall Street doesn't expect the move to have much impact on the bottom line. "This name change is entirely cosmetic in nature," said Merrill Lynch & Co. tobacco analyst Martin Feldman. "We would not expect it to have any impact on the company's equity valuation. The cost of implementing this change is described by the company as immaterial." Altria shares recently traded on the New York Stock Exchange at $38.46, down 44 cents, or 1.1%. The company will launch an advertising campaign created by Bcom3 Group's Leo Burnett USA Tuesday to promote the new name and explain Altria's structure. The campaign, which will include print, television, Internet, and direct mail components, will run for about eight weeks. The effort kicks off with print ads that use the metaphors of running water, a tree, a bridge and columns to communicate attributes such as financial and brand strength. The television ads will begin in mid-February and run on business, financial and public affairs programs. Internet advertising also will begin at that time. Shareholders had approved the company's name change at an annual meeting last April. The switch, however, was held up by two lawsuits filed against the company by companies with similar names. One of the claims was rejected by the court, but the other was settled. The terms of the settlement weren't disclosed. The names of Altria's units all will remain the same. The company's domestic tobacco business will continue to be known as Philip Morris USA; its international tobacco operations will continue to be called Philip Morris International; its leasing unit remains Philip Morris Capital Corp.; and its global food unit, which is 84% owned by Altria, will remain Kraft Foods Inc. (KFT). Altria also owns a 36% stake in SABMiller PLC (O.SAB). Should we request a change in the title of this thread? Jim