8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   -----------


                                    FORM 8-K


                                 CURRENT REPORT


                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


                         Date of Report: March 17, 2000
                        (Date of earliest event reported)



                              UNIVERSAL CORPORATION
             (Exact Name of Registrant as Specified in its Charter)



          Virginia                      1-652                    54-0414210
(State or Other Jurisdiction   (Commission File Number)        (IRS Employer
      of Incorporation)                                     Identification No.)


       1501 North Hamilton Street
           Richmond, Virginia                                23230
(Address of Principal Executive Offices)                  (Zip Code)


               Registrant's telephone number, including area code:
                                 (804) 359-9311





Item 5.      Other Events.

             The press  release  issued  by the  Registrant  on March  17,  2000
             attached hereto as Exhibit 99 is incorporated herein by reference.

Item 7.      Financial Statements, Pro Forma Financial Information and Exhibits.

     (c)     Exhibits.

             No.               Description
             ---               -----------

             99       Press release announcing Universal Leaf North America to
                      right-size operations.*

- -------------
*Filed Herewith



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended,  the  Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.


                                 UNIVERSAL CORPORATION
                                      (Registrant)



Date:  March 20, 2000            By: /s/ George C. Freeman, III
                                    --------------------------------------------
                                     George C. Freeman, III
                                     Assistant Secretary


                                  Exhibit Index


Exhibit
Number                              Document
- ------                              --------

  99                      Press release announcing Universal Leaf North America
                          to right-size operations.*

- -------------
*Filed Herewith

EX-99

         CONTACT:                                               RELEASE:
         KAREN M. L. WHELAN                                     IMMEDIATELY
         (804) 359-9311

              UNIVERSAL LEAF NORTH AMERICA TO RIGHT-SIZE OPERATIONS

         RICHMOND,  VA  MARCH  17,  2000/PRNEWSWIRE/----  Universal  Leaf  North
America,  a subsidiary of Universal Leaf Tobacco Company,  Inc., today announced
that it would take a number of actions to rationalize  and  consolidate its U.S.
operations.  These measures,  which management considers essential,  include the
permanent  closure of the company's leaf  processing  operations in Rocky Mount,
North Carolina. This plant has not operated since September 1999 due to flooding
caused by Hurricane Floyd. In addition,  the company will close the remainder of
its  extruder  facilities,  which are located in  Lexington,  Kentucky;  Bowling
Green,  Kentucky;  Lumberton,  North Carolina;  and Rocky Mount, North Carolina.
These  plant  closures  will also  result in the need to  reduce  the  company's
workforce. Management expects that approximately 175 full-time and 1400 seasonal
positions  will be eliminated;  however many of the seasonal  positions have not
been filled since September 1999 when the Rocky Mount flooding occurred.

         Personnel  costs  associated with these closures are estimated at about
$7 million before taxes, and management expects to realize on-going cost savings
beginning in fiscal year 2001.  Management  also expects  significantly  smaller
U.S.  flue-cured  and  burley  crops  in the  coming  year,  which  will  affect
processing volumes.

         R.E. Foy, Jr., President of Universal Leaf North America,  noted, "Over
the past 18 months, our U.S. tobacco operation has been confronted with a number
of challenges.  These include significant declines in U.S. flue-cured and burley
quotas,  the Rocky  Mount  flooding,  the  far-reaching  effects  of the  Master
Settlement  Agreement on U.S.  cigarette  sales and leaf use, and  unprecedented
political  and legal  attacks,  all of which have combined to change the outlook
for tobacco production in the United States and to create a difficult  operating
environment.  As we noted over a year ago, we do not expect a near-term reversal
of this  situation.  We must take steps today to adapt to the new reality of the
tobacco industry in the United States. This will require difficult decisions and
extraordinary efforts from all of us."

            Henry H. Harrell,  Chairman of the Board and Chief Executive Officer
of Universal  Leaf Tobacco  Company,  Inc.,  stated,  "We deeply regret that the
existing  environment  in our  industry  has given us no choice but to implement
these actions in order to remain  efficient and competitive in the U.S.  market.
The  decisions to make these changes have been  difficult,  but we are confident
that the actions we are announcing  today will allow our company to successfully
meet the unique challenges that we foresee in the U.S. markets.

Fortunately  for the  overall  company,  the markets  outside the United  States
continue to enjoy good prospects."

                  Universal  Leaf  Tobacco  Company,  Inc.  is a  subsidiary  of
Universal  Corporation  (NYSE-UVV),  a  diversified  company with  operations in
tobacco,  lumber, and agri-products.  Universal Corporation's gross revenues for
the fiscal year that ended on June 30, 1999,  were  approximately  $4.0 billion.
For  more  information  on  Universal   Corporation,   visit  its  web  site  at
www.universalcorp.com.

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