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Philip Morris to cover Miller workers' benefits 

Philip Morris Cos. Inc. (NYSE:MO) has agreed to cover more than $150 million in pension benefits if needed for thousands of workers at its Miller Brewing Co. unit, which was sold to South African Breweries, the Pension Benefit Guaranty Corp. said on Wednesday.

Miller Brewing's pension obligations are underfunded by more than $150 million according to the government agency, and the agreement struck with Philip Morris guarantees the tobacco giant will cover that shortfall.

"Philip Morris's financial commitment will help safeguard the pension security of Miller Brewing workers and retirees, " Steven Kandarian, executive director of the PBGC, said in a statement.

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