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Universal Corporation to acquire Shank's Extracts » 08:17

Universal Corporation

$50.95 /

+0.225 (+0.44%)

Universal announced that…

Universal announced that it has entered into a definitive agreement to acquire Shank's Extracts. Following the close of the transaction, Shank's will operate as part of Universal's plant-based ingredients platform, which includes Silva International and FruitSmart. "This agreement with Shank's marks another important step forward in Universal's efforts to identify and execute on opportunities that broaden and enhance our plant-based ingredients platform," said George Freeman, III, Chairman, President and Chief Executive Officer of Universal Corporation. "The Shank's acquisition fits squarely in our new platform and our capital allocation strategy, bolstering our offerings for customers and expanding our value-added services by adding flavors, custom packaging and bottling, and product development capabilities." Universal Corporation expects the transaction to close in calendar-year fourth quarter, subject to customary closing conditions, and anticipates the acquisition will be accretive to earnings in fiscal year 2023. Following the close of the transaction, the existing management team will continue to run the business and report to J. Patrick O'Keefe, Senior Vice President of Universal Global Ventures. Universal Corporation expects to fund the transaction with cash on hand and borrowings under its committed revolving credit facility.

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UVV Universal Corporation
$50.95 /

+0.225 (+0.44%)

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