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Universal Corporation
built 655 days ago
Universal Corporation (Universal) is a leaf tobacco merchant and processor that has operations in agri-products and in the distribution of lumber and building products. The Company operates in three reportable segments, North America; Other Regions, and Other Tobacco Operations. During the fiscal year ended March 31, 2007 (fiscal 2007), the North America and Other Regions segments, which are part of the Company's flue-cured and burley tobacco operations, accounted for 17% and 68% of its revenues and 19% and 63% of the Company's segment operating income, respectively. Its Other Tobacco Operations segment accounted for 14% of the Company's revenues and 18% of its segment operating income in fiscal 2007. As of September 1, 2006, the Company sold the lumber and building products businesses, along with a portion of the agri-products operations.
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Universal Corporation's core business is Universal Leaf Tobacco, which generated 86% of the company's fiscal year 1991 operating profits. It is the company's original business. Universal is an independent leaf tobacco dealer, that in 1991 had more than a 40% share of the domestic tobacco processing market and over 25%of the global market. Domestic earnings accounted for 46% of Universal's operating profit in 1991.
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During the past 35 years Universal Corporation has produced diversified Aviation, Auto, Marine, Truck products along with Household & Computer wares. Market demand has resulted in a present product line that focuses on aviation lighting & instrument related components along with automotive ignition & security systems.
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Universal Corporation options will open with strike prices of 35 - 40 - 45 and position limits of 2,500,000 shares. The options will trade on the February expiration cycle with initial expirations in October, November, February and May. The specialist will be Jane Street Specialists, LLC. Universal Corporation is an independent leaf tobacco merchant. The Company has additional operations in agri-products and the distribution of lumber and building products. Universal sells primarily flue-cured and burley tobaccos to manufacturers located throughout the world.
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Universal Corporation, known until 1987 as Universal Leaf Tobacco Company Inc., operates as the world's largest buyer and processor of leaf tobacco in nearly 40 countries across the globe. Universal selects, buys, ships, processes, packs, stores, and finances leaf tobacco in tobacco growing regions. The company sells this tobacco to tobacco product manufacturers. Sales from the company's largest customer, Philip Morris Companies Inc., accounted for just over 10 percent of consolidated revenues in 2001. The firm's tobacco operations account for over 65 percent of company revenues. Universal ... buys, ships, processes, and distributes agri-products including tea, rubber, sunflower seeds, nuts, dried fruit, and canned and frozen foods.
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In the early 1990s, Universal Corporation--the company's name was changed in the mid-1980s following the adoption of a holding company structure--was sailing on much as it had for the past 60 years, the core of its business generated by tobacco. As a result of further diversification moves in the mid-1980s, its overseas subsidiaries in commodities and housing supplies have flourished to such an extent that they supply a significant amount of revenues and earnings. Universal operated in the early 1990s under the guidance of new chief executive Henry Harrell, who replaced Gordon Crenshaw in October 1988 after the latter had served nearly 25 years in that position.
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Universal Corporation