Universal Corporation, one of the world's leading leaf tobacco merchants, announced on Friday that it had completed the sale of the non-tobacco businesses of its subsidiary, Deli Universal. The overall transaction is valued at approximately US$ 527 million, after selling expenses.

Deli's non-tobacco businesses include lumber and building products distribution and agri-products operations, including rubber and food trading, tea, and sunflower seeds. Revenues were US$ 1.4 billion in the fiscal year that ended 31 March 2006.
The buyer is a new company owned by NIBC Principal Investments, and NPM Capital N.V., both based in the Netherlands, and managers of Deli's non-tobacco businesses. Universal received US$ 401 million in cash, which will be used to reduce debt, though the restart of the company’s share repurchase program is not ruled out.
Universal said it would keep its dried fruits and nuts businesses in the U.S. and London. (pi)