Universal Corporation Completes Acquisition of Silva International
Universal Corporation (NYSE: UVV), based in Richmond, Virginia, has completed its acquisition of Silva International, a leading dehydrated vegetable, fruit, and herb processing company.
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Rhea-AI Summary
Universal Corporation (NYSE: UVV), based in Richmond, Virginia, has completed its acquisition of Silva International, a leading dehydrated vegetable, fruit, and herb processing company. The deal, funded through cash and borrowing, expands Universal's plant-based ingredient offerings, enabling a single-source solution for vegetable and fruit ingredients. Silva sources over 60 types of dehydrated products from 20 countries and operates a 380,000 square foot facility in Illinois. Universal's fiscal year 2020 revenues reached $1.9 billion, solidifying its position as a global agri-products supplier.
Positive
- Acquisition of Silva International expands plant-based ingredients platform.
- Silva's sourcing and processing capabilities enhance product offerings.
- Supports Universal's strategy to provide single-source solutions for customers.
Negative
- None.
Details
News Market Reaction – UVV
The recorded move for UVV in the trading session of this news was -0.19%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
RICHMOND, Va., Oct. 1, 2020 /PRNewswire/ -- Universal Corporation (NYSE: UVV) today announced that it has successfully completed its previously announced acquisition of Silva International ("Silva"), a privately-held, natural, specialty dehydrated vegetable, fruit and herb processing company. Universal funded the transaction with a combination of cash on hand and existing borrowing capacity. The acquisition expands Universal's plant-based ingredients platform and will enable Universal to offer customers a single source for vegetable and fruit ingredients solutions. Silva procures over 60 types of dehydrated vegetables, fruits, and herbs from over 20 countries around the world. In addition to sourcing, Silva specializes in processing natural raw materials into custom designed dehydrated vegetable- and fruit-based ingredients for a variety of end products. Silva employs over 200 people and has a 380,000 square foot manufacturing facility in Momence, Illinois.
Universal Corporation (NYSE:UVV), headquartered in Richmond, Virginia, is a global agri-products supplier, operating in over 30 countries on five continents, that sources, processes, and supplies 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 high-quality, specialty vegetable- and fruit-based ingredients to 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, 2020, were
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SOURCE Universal Corporation
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