Altria's PMI Takes Spin-off Step

Philip Morris International filed papers with the SEC in part of Altria's restructuring.
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Altria Group

(MO) - Get Report

subsidiary on Thursday took the first regulatory step toward a potential spinoff of the company's overseas tobacco business.

Philip Morris International filed a Form 10 with the

Securities and Exchange Commission

, a move expected since Altria's

announcement last month. The cigarette maker said it anticipates making a final decision and announcing the timing of any spinoff at its regularly scheduled board meeting Jan. 30.

The move comes amid an ongoing restructuring for Altria. The company, whose brands include Marlboro, Parliament and Virginia Slims, earlier this year spun off its 89% stake in

Kraft Foods

(KFT)

.