Philip Morris International Inc. is an American global cigarette and tobacco company, with products sold in over 200 countries with 15.6% of the international cigarette market outside the United States. Until a spin-off in March 2008, Philip Morris International was an operating company of Altria Group. Altria explained the spin-off, arguing PMI would have more "freedom" outside the constraints of US corporate ownership in terms of potential litigation and legislative restrictions to "pursue sales growth in emerging markets." 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 is headquartered in New York City, but does not operate in the United States, with Philip Morris brands there still owned by PMI's former owner Altria. Because tobacco, the main constituent of cigarettes, is the single greatest cause of preventable death globally and is addictive, the company's operations are highly controversial and are increasingly the subject of litigation and restrictive legislation from governments concerned about the health impacts of its products. Its brands are Dji Sam Soe 234, L&M, Longbeach, Marathon, Marlboro, Minak Djinggo, ST Dupont Paris, U Mild, Philip Morris, Red and White, Basic, Bond Street, Chesterfield, Parliament, Lark, Merit, Morven Gold, Muratti, Skjold, Multifilter, Virginia Slims, Benson & Hedges, Escort, John Player & Sons, and Peter Stuyvesant.