The Philip Morris USA Story

1847 

Philip Morris, Esq., a tobacconist and importer of fine cigars, opens a shop in London.

1854

Philip Morris makes his first cigarette.

1881

Philip Morris goes public in London.

1901

By royal warrant, Philip Morris & Co. is appointed tobacconist for King Edward VII.

1902

Philip Morris & Co. is incorporated in New York. Ownership is split 50-50 between the British parent and American partners.

1919 

A new firm, owned by American stockholders, acquires the U.S. Philip Morris company and incorporates in Virginia under the name of Philip Morris & Co.

1920 

The first Philip Morris & Co. Annual Report is produced.

1928 

Philip Morris & Co. begins to make regular dividend payments to its stockholders.

1929

The company begins manufacturing its own cigarettes by purchasing a factory in Richmond, Virginia.

1938

Philip Morris & Co. preferred stock is offered to the public.

1952

The company opens a new plant in Louisville, Kentucky.

1955

Philip Morris becomes the company's name.

1957

In its first foray outside the tobacco business, the company acquires Milprint and Nicolet Paper Co. of Milwaukee.

1967 

Philip Morris reorganizes and creates operating divisions.

1968

Total group operating revenues top $1 billion.

1972

Total group revenues top $2 billion.

1976

Total group revenues exceed $4 billion. The group's share of the U.S. cigarette market increases to 25.1%.

1977

In November, Philip Morris declares its 200th consecutive regular quarterly dividend

1978 

For the 25th consecutive year, the company posts record revenues of $6.6 billion, and profits of $409 million.

1979

Total group revenues top $8 billion; net earnings top $500 million.

1980

Total group revenues approach $10 billion.

1983

For the 30th consecutive year the group announces record revenues of $13 billion, and earnings of $904 million.

1985

Philip Morris Incorporated announces a restructuring, in which Philip Morris Companies (now known as Altria Group), a holding company, becomes the publicly-held parent of Philip Morris USA. Read the Altria Group Story.

Related Information

• Philip Morris USA Overview
• Altria Group's Corporate Structure

• Philip Morris USA Web site