Philip Morris will be reorganized into a holding firm.

The company said its board has authorized the reorganization of the cigarette producer into a holding company structure. The restructuring plan, subject to shareholder approval, calls for the formation of a new corporation, Philip Morris Cos. The present company, Philip Morris Inc., would become a wholly owned subsidiary of the new company. Under the plan, the outstanding shares of Philip Morris Inc. would be converted into identical holdings of Philip Morris Cos. so that the interests of stockholders would not be affected, the company said. The effective date for the changes will be on or about July 1, the company said.