-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HChyg9folBnI62KHpzq6RdyRm3yGPk3Wp2xJhv/sWOR3j6WATJpKx2dEvm/8XKwp YwBQji4Yfa1Qr7b2insoow== 0000916641-99-000352.txt : 19990428 0000916641-99-000352.hdr.sgml : 19990428 ACCESSION NUMBER: 0000916641-99-000352 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990427 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIVERSAL CORP /VA/ CENTRAL INDEX KEY: 0000102037 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-FARM PRODUCT RAW MATERIALS [5150] IRS NUMBER: 540414210 STATE OF INCORPORATION: VA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-00652 FILM NUMBER: 99601746 BUSINESS ADDRESS: STREET 1: P O BOX 25099 STREET 2: 1501 N HAMILTON ST CITY: RICHMOND STATE: VA ZIP: 23230 BUSINESS PHONE: 8043599311 MAIL ADDRESS: STREET 1: PO BOX 25099 CITY: RICHMOND STATE: VA ZIP: 23260 FORMER COMPANY: FORMER CONFORMED NAME: UNIVERSAL LEAF TOBACCO CO INC DATE OF NAME CHANGE: 19880314 8-K 1 FORM 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: April 27, 1999 (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 April 27, 1999 attached hereto as Exhibit 99.1 is incorporated herein by reference. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. No. Description --- ----------- 99.1 Press Release announcing Universal Leaf North America consolidating 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: April 27, 1999 By: /s/ James M. White, III --------------------------------------- James M. White, III Vice President, General Counsel and Secretary Exhibit Index Exhibit Number Document - ------ -------- 99.1 Press Release announcing Press Release announcing Universal Leaf North America consolidating operations. - ------------- *Filed Herewith EX-99.1 2 PRESS RELEASE EXHIBIT 99.1 CONTACT: RELEASE: KAREN M. L. WHELAN IMMEDIATELY (804)359-9311 UNIVERSAL LEAF NORTH AMERICA TO CONSOLIDATE OPERATIONS RICHMOND,VA APRIL 27, 1999/PRNEWSWIRE/---- Universal Leaf North America, a subsidiary of Universal Leaf Tobacco Company, Inc., today announced that it would take several actions to rationalize and consolidate its U.S. operations. These actions, which management considers necessary in order for the company to remain a strong competitor in the marketplace, are to close the leaf stemming operations in the K. R. Edwards plant in Smithfield, North Carolina, consolidate those processing activities into the Thorpe Greenville plant in Rocky Mount, North Carolina, close its extruder activities in Danville, Virginia, and Greeneville, Tennessee, and reduce the number of leaf buying personnel for the upcoming season due to a reduction in the sets of buyers by the U.S. Department of Agriculture. R.E. Foy, Jr., President of Universal Leaf North America, noted, "The tobacco industry in the United States has faced significant challenges during the last few years, including a decline in U.S. cigarette consumption and a drop in exports of U.S. tobacco. These reductions and a build-up of inventories in the stabilization cooperatives have resulted in substantial reductions in the amount of U.S. flue-cured and burley tobaccos that can be produced and marketed, and we do not expect a near-term reversal in these trends." Foy further stated, "We regret that today's actions are necessary. Our processing, extruder, and leaf personnel in the affected operations have long been loyal, dedicated and supportive employees, and thus, these decisions have been extremely difficult." In order to minimize the effect of these actions on the company's work force, management intends to maintain as many operations in Smithfield as are feasible, including tobacco storage and special projects. The company further hopes that much of the necessary reduction in salaried personnel will be accomplished through a voluntary early retirement plan. The total cost of the consolidation is expected to be between $3 million and $4 million, before taxes, with at least equivalent annual savings beginning in fiscal year 2000. 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, 1998, were approximately $4.3 billion. For more information on Universal Corporation, visit its web site at www.universalcorp.com. # # # -----END PRIVACY-ENHANCED MESSAGE-----