8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 12, 2006

UNIVERSAL CORPORATION

(Exact name of registrant as specified in its charter)

Virginia	1-652	54-0414210
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

1501 North Hamilton Street Richmond, Virginia	23230
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 1501 North Hamilton Street

Richmond, Virginia

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Principle Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

On December 12, 2006, the Registrant elected George C. Freeman III to succeed Allen B. King as the Registrant’s President with immediate effect. Mr. King remains as the Registrant’s Chief Executive Officer and Chairman of the Board.

Mr. Freeman, 43, has been with the Registrant since 1997. He had previously served as Vice President since November 2005 and as General Counsel and Secretary from February 2001 to November 2005. Prior to that time, he was an attorney with Hunton & Williams, an international law firm.

Prior to his appointment as President, the Registrant and Mr. Freeman had entered into a change of control employment agreement (the “Agreement”) on November 17, 2006. The Registrant filed a Current Report on Form 8-K on November 24, 2006 (the “Form 8-K”) to report the entry into the Agreement between the Registrant and certain principal officers of the Registrant other than Mr. Freeman. The Registrant summarized the provisions of the Agreement in the Form 8-K, and such summary is incorporated by reference into this Item 5.02. In addition, the full text of the form of the Agreement is being filed as Exhibit 10.1 to this report and incorporated by reference into this Item 5.02.

A copy of the press release announcing this management change is being filed as Exhibit 99.1 to this report.

Item 8.01. Other Events.

On December 13, 2006, the Registrant issued a press release announcing the election of George C. Freeman III as the Registrant’s President. The press release is furnished as Exhibit 99.1 to this Report and is incorporated herein by reference. On December 15, 2006, the Registrant issued a press release announcing a sales plan for its non-tobacco businesses. The press release is furnished as Exhibit 99.2 to this Report and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
10.1	Form of Employment Agreement dated November 17, 2006, between Universal Corporation and named executive officers (incorporated herein by reference to the Registrant’s Current Report on Form 8-K filed November 24, 2006, File No. 1-652).
99.1	Press Release issued by Universal Corporation, dated December 13, 2006.*
99.2	Press Release issued by Universal Corporation, dated December 15, 2006.*

* Filed herewith

SIGNATURE

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

	UNIVERSAL CORPORATION
Date: December 18, 2006	By:	/s/ Preston D. Wigner
	Name:	Preston D. Wigner
	Title:	General Counsel and Secretary

2

Exhibit Index

Exhibit No.	Description
10.1	Form of Employment Agreement dated November 17, 2006, between Universal Corporation and named executive officers (incorporated herein by reference to the Registrant’s Current Report on Form 8-K filed November 24, 2006, File No. 1-652).
99.1	Press Release issued by Universal Corporation, dated December 13, 2006.*
99.2	Press Release issued by Universal Corporation, dated December 15, 2006.*

* Filed herewith

EX-99.1

Exhibit 99.1

P.O. Box 25099  •  Richmond, VA 23260  •  Phone: (804) 359-9311  •  Fax: (804) 254-3594

PRESS RELEASE

CONTACT:	Karen M. L. Whelan		RELEASE:	Immediately
	Phone:	(804) 359-9311
	Fax:	(804) 254-3594
	Email:	investor@universalleaf.com

Universal Corporation Names Freeman President

Richmond, VA, December 13, 2006 / PRNEWSWIRE

Mr. Allen B. King announced that the Board of Directors of Universal Corporation (the “Company”) has elected George C. Freeman, III to succeed Mr. King as President with immediate effect. Mr. King will remain Chairman and Chief Executive Officer of the Company.

Mr. Freeman has been with the Company since 1997. Prior to that time, he was with Hunton & Williams, an international law firm. Mr. Freeman was elected General Counsel and Secretary of the Company in February 2001, and Vice President on November 9, 2005.

Mr. King has been with the Company since 1969. Mr. King became President and Chief Executive Officer of the Company on January 1, 2003, and was elected Chairman of the Board of Directors of the Company on October 28, 2003.

Mr. Freeman noted, “I am honored that the Board of Directors has elected me President. This is an exciting time for the Company, as we renew our strategic focus on our tobacco business. I look forward to working with Allen and the Board of Directors in this new role.”

Mr. King congratulated Mr. Freeman, stating, “George has been an integral part of Universal’s leadership over the years. George’s knowledge of the business and ability to work with a wide range of stakeholders made him the Board’s choice as President. In this new role, George will assist me in overall management, as we direct the Company in its focus on tobacco. Along with the rest of the Board of Directors, I look forward to working closely with George.”

Headquartered in Richmond, Virginia, Universal Corporation (UVV:NYSE) is one of the world’s leading tobacco merchants and processors and conducts business in more than 35 countries. The revenues of its tobacco business for the fiscal year ended March 31, 2006, were $1.8 billion. For more information on Universal Corporation, visit its web site at www.universalcorp.com.

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EX-99.2

Exhibit 99.2

P.O. Box 25099  •  Richmond, VA 23260  •  Phone: (804) 359-9311  •  Fax: (804) 254-3594

PRESS RELEASE

CONTACT:	Karen M. L. Whelan		RELEASE:	Immediately
	Phone:	(804) 359-9311
	Fax:	(804) 254-3594
	Email:	investor@universalleaf.com

Universal Corporation Announces Sale Plan for Non-Tobacco Businesses

Richmond, VA, December 15, 2006 / PRNEWSWIRE

Universal Corporation announced today that as part of its strategy for enhancing shareholder value, it has adopted a plan to sell its remaining non-tobacco agri-products businesses. Those businesses include a U.K. trading company that handles nuts, dates, and apricots; trading companies in Richmond, Virginia, and Seattle, Washington, that handle nuts and dried fruits; and a California nut processing company. In the fiscal year that ended on March 31, 2006, these businesses reported combined revenues of about $325 million and a combined operating loss of approximately $6 million.

The businesses to be sold do not fit the Company’s renewed strategic focus on its core tobacco business, and will be reported as discontinued operations in the Company’s financial statements for the third fiscal quarter, which will end on December 31, 2006. The Company will use the proceeds from the sales to strengthen its balance sheet. The divestiture plan, which is expected to be completed within the next six to twelve months, will allow the Company to focus its financial and management resources on its tobacco business.

Headquartered in Richmond, Virginia, Universal Corporation (UVV:NYSE) is one of the world’s leading tobacco merchants and processors and conducts business in more than 35 countries. The revenues of its tobacco business for the fiscal year ended March 31, 2006, were $1.8 billion. For more information on Universal Corporation, visit its web site at www.universalcorp.com.

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