page_title: Philip Morris International
section_title: Later development
hierarchical_section_title: Philip Morris International / History / Later development
caption_attribution_description: English: Philip Morris International's Operation Center in Lausanne, Switzerland Français&#160;: Le Centre operationnel de Philip Morris International à Lausanne.
context_page_description: Philip Morris International Inc. is an American transnational cigarette and tobacco manufacturing company, with products sold in over 180 countries. The most recognized and best selling product of the company is Marlboro. Philip Morris International is often referred to as one of the companies comprising Big Tobacco.
  Until a spin-off in March 2008, Philip Morris International was an operating company of Altria. Altria explained the spin-off, arguing PMI would have more "freedom" i.e. leeway outside the responsibilities and standards of American corporate ownership in terms of potential litigation and legislative restrictions to "pursue sales growth in emerging markets", while Altria focuses on the American domestic market. The shareholders in Altria at the time were given shares in PMI, which was listed on the London Stock Exchange and other markets.
  The company's legal seat is in New York City, yet it does not operate in the United States of America. Philip Morris USA, a subsidiary of PMI's former owner American parent Altria group owns the Philip Morris brands there. Operational headquarters are in Lausanne, Switzerland.
context_section_description: In 1954, Philip Morris (Australia) became the first affiliate of Philip Morris & Co., Ltd, Inc. outside the U.S. In 1972, the company's Marlboro became the world's top-selling cigarette brand.
  In 1987, Philip Morris International (PMI) was incorporated as an operating company of Philip Morris Companies Inc.
  In 2001, the operations center of the company was transferred from Rye Brook, New York, to Lausanne, Switzerland. On January 27, 2003, Philip Morris Companies Inc. formally changed its name to the Altria Group. In March 2008, Philip Morris International was spun off from Altria.
  In April 2014, Philip Morris International announced that it would close its Moorabbin plant in Australia by the end of 2014 after operating for 60 years, due to the gradual decline of sales in the last ten years and difficulties conforming to 2010 Australian government regulation about reducing fire risks. In 2015, the company sold 850 billion cigarettes.
  In August 2018 Reuters reported that Philip Morris "has been among foreign companies with exposure to Russia’s tobacco market. The company’s sales exposure to Russia is 7 percent, according to a note from Goldman Sachs."
  As of 2019, main institutional investors are The Vanguard Group with an 8% stake, Capital Research & Management with 5% and BlackRock Fund Advisors with 4%.
caption: PMI operations center in Lausanne, Switzerland
exif: {}