Universal Corporation Announces Agreement with Philip Morris International Inc. to Process Polish Tobaccos

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Oct 06, 2015, 04:15 ET

RICHMOND, Va., Oct. 6, 2015 /PRNewswire/ -- George C. Freeman, III, Chairman, President and Chief Executive Officer of Universal Corporation (NYSE: UVV) ("Universal"), announced today that the Company's subsidiary, Universal Leaf Tobacco Poland Sp. z o.o. has entered into an agreement with Philip Morris Polska Tobacco Sp. z o.o. ("PMP"), a subsidiary of Philip Morris International Inc. ("PMI"), to process green leaf tobaccos procured by PMP from their contracted grower base in Poland. Previously, the processing of these tobaccos was handled directly by PMP. The arrangement reinforces both PMI's and Universal's strong, continuing commitment to Polish-grown leaf tobacco and the grower communities.

Mr. Freeman stated, "We are pleased to be a part of this undertaking with one of our longstanding global business partners. The strength, efficiency, and security of the leaf supply chain is vital to our success and to the success of our customers, and thus, we are committed to the sustainability of our grower communities. The supply chain in Poland will be enhanced for all stakeholders through improved processing efficiencies."

The new arrangement was effective as of September 1, 2015, and processing of current crop tobaccos is expected to continue through April 2016. Universal has maintained leaf tobacco purchasing and processing operations in Poland since 1997.

Headquartered in Richmond, Virginia, Universal Corporation is the leading global leaf tobacco supplier and conducts business in more than 30 countries. Its revenues for the fiscal year ended March 31, 2015, were $2.3 billion. For more information on Universal Corporation, visit its website at www.universalcorp.com.

SOURCE Universal Corporation