Universal Leaf Tobacco Company, Incorporated Announces Philippine Merger

Source from:  RICHMOND, Va., /PRNewswire-FirstCall/ 02/16/2005

Universal Leaf Tobacco Company, Incorporated ("Universal Leaf") is pleased to announce the signing of an agreement between its subsidiary, Lancaster Philippines, and Union Leaf Tobacco Company to combine the business units of the two companies. Union Leaf is a local Philippine tobacco company owned by Hilarion (Larry) P. Uy and family. The new company will be called Universal Leaf Philippines. Allen B. King, Chairman, President, and Chief Executive Officer of Universal Leaf, noted, "Universal Leaf and the Uy family have enjoyed a close relationship for forty years. Drawing the strengths of our two organizations into a single entity, Universal Leaf Philippines will be dedicated to the production and processing of flue-cured, burley, and dark air-cured tobaccos to meet the requirements of our customers and enhance our strategic position in Asia." Management expects to merge the operations early in 2005. Universal Leaf is a subsidiary of Universal Corporation (NYSE:UVV - News), a diversified company with operations in tobacco, lumber distribution, and agri- products. Universal Corporation's gross revenues for the transitional nine- month fiscal year that ended on March 31, 2004, were approximately $2.3 billion. For more information, visit Universal Corporation's web site at http://www.universalcorp.com. Enditem