Universal Corporation announced today that as part of its strategy for enhancing shareholder value, it has adopted a plan to sell its remaining non-tobacco agri-products businesses.

Those businesses include a UK trading company that handles nuts, dates, and apricots; trading companies in Richmond, Virginia, and Seattle, Washington, that handle nuts and dried fruits; and a California nut processing company. In the fiscal year that ended on 31 March 2006, these businesses reported combined revenues of about US$ 325 million and a combined operating loss of approximately US$ 6 million.
The businesses to be sold do not fit the company's renewed strategic focus on its core tobacco business, and will be reported as discontinued operations in the company's financial statements for the third fiscal quarter, which will end on 31 December 2006, Universal said. The company will use the proceeds from the sales to strengthen its balance sheet. The divestiture plan, which is expected to be completed within the next six to twelve months, will allow Universal to focus its financial and management resources on its tobacco business. (ci)