November 9, 1989 |
Philip Morris Cos. agreed today to sell its 29% stake in Rothmans International PLC to a Swiss holding company for a payment of sterling notes valued at approximately $860 million. The seller is to receive five-year notes from Compagnie Financiere Richemont AG, which holds a 36% position in Rothmans, in a transaction that Philip Morris said will result in a pretax gain of $450 million when completed.
July 13, 1997
For years I've been critical of the HMO/managed-care philosophy. It seemed to be a sure-fire loser for the individual consumer to pit health care against an institutionalized profit motive. However, even I didn't think that a major HMO, Kaiser Permanente, would be so greedy as to invest in the tobacco industry ("Kaiser Getting Rid of Tobacco Investments," June 26). Just because Kaiser is not violating any law by investing in Philip Morris Cos. does not excuse Kaiser's conduct. Words like hypocritical, irresponsible and amoral come to mind to describe Kaiser's callousness.
September 24, 2002 |
Philip Morris Cos., the world's largest cigarette maker, said it filed eight lawsuits aimed at stopping sellers of cigarettes via the Internet from using Philip Morris trademarks. The company said the suits also were aimed at stopping the sellers from illegally importing Philip Morris cigarettes into the United States. The suits were filed in federal courts in New York and California. Defendants include the owners or operators of Web sites including Cheapmarlboro.com, Europecigarettes.
October 18, 2002 |
Philip Morris Cos. said third-quarter profit almost doubled as the world's largest tobacco company sold Miller Brewing Co. and overseas cigarette sales increased. Third-quarter net income rose to $4.36 billion, or $2.06 a share, from $2.33 billion, or $1.06, a year ago. Sales fell 1% to $20 billion. The Miller sale added $1.7 billion to results. Shares of Philip Morris rose $1.70, or 4.4%, to $40.30 on the NYSE.
July 11, 2002 |
The federal government has reached an agreement with Philip Morris Cos. to protect retirement benefits for more than 9,500 workers at its subsidiary Miller Brewing Co., which is being sold to London-based South African Breweries. Miller Brewing's pension obligations are underfunded by about $150 million, the Pension Benefit Guaranty Corp. estimates. Philip Morris has agreed to make up the shortfall in case the money is needed to cover benefits promised to Miller Brewing workers and retirees.