RICHMOND, Va., Oct. 4, 2021 /PRNewswire/ -- Universal
Corporation (NYSE: UVV) today announced that it has successfully
completed its previously announced acquisition of Shank's Extracts,
Inc. ("Shank's"), a privately-held, specialty ingredient, flavoring
and food company with bottling and packaging capabilities.
Universal funded the transaction with a combination of cash on hand
and existing borrowing capacity. The acquisition expands
Universal's plant-based ingredients platform, adding to the
Company's product offerings and growing the value-added services
available to its customers by adding flavors, custom packaging and
bottling, and product development capabilities. Shank's has a
strong presence within the flavoring, extracts and bottling
marketplace, with significant vanilla expertise. In addition to
pure vanilla extract products, Shank's offers a robust portfolio of
over 2,400 other extracts, distillates, natural flavors and colors
for industrial and private label customers worldwide. Shank's
employs more than 200 people and has a 191,000 square foot
manufacturing campus in Lancaster,
Pennsylvania.
Universal Corporation (NYSE: UVV), headquartered in Richmond, Virginia, is a global
business-to-business agri-products supplier to consumer product
manufacturers, operating in over 30 countries on five continents,
that sources and processes leaf tobacco and plant-based
ingredients. Tobacco has been the Company's principal focus since
its founding in 1918, and Universal is the leading global leaf
tobacco supplier. Through the Company's plant-based ingredients
platform, it provides a variety of value-added manufacturing
processes to produce high-quality, specialty vegetable- and
fruit-based ingredients for the food and beverage end markets.
Universal has been finding innovative solutions to serve its
customers and meet their agri-product needs for more than 100
years. The Company's revenues for the fiscal year ended
March 31, 2021, were $2.0 billion. Visit www.universalcorp.com for
more information on Universal Corporation and the latest Company
news.
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SOURCE Universal Corporation
