Brief: Universal Corporation To Acquire Silva International

Universal

08/09/2020 12:43

Sept 8 (Reuters) - Universal Corp  UVV.N :
    * UNIVERSAL CORPORATION TO ACQUIRE SILVA INTERNATIONAL, A
MARKET-LEADING PROVIDER OF NATURAL, SPECIALTY DEHYDRATED
VEGETABLE, FRUIT AND HERB INGREDIENTS
    * UNIVERSAL CORP - DEAL FOR $170 MILLION IN CASH
    * UNIVERSAL CORP - FOLLOWING CLOSE OF TRANSACTION, SILVA
WILL
OPERATE AS PART OF CO'S PLANT-BASED INGREDIENTS PLATFORM
    * UNIVERSAL CORP - ANTICIPATES SILVA ACQUISITION WILL BE
ACCRETIVE
TO EARNINGS IN FIRST FISCAL YEAR FOLLOWING CLOSING
    * UNIVERSAL CORP - EXPECTS TO FUND SILVA TRANSACTION WITH
CASH ON
HAND AND BORROWINGS UNDER ITS COMMITTED REVOLVING CREDIT
FACILITY
    * UNIVERSAL - EXPECTS TO MAINTAIN INVESTMENT GRADE CREDIT
RATING
AND REMAINS COMMITTED TO INCREASING  QUARTERLY DIVIDEND ON AN
ANNUAL BASIS
    * UNIVERSAL CORP - FOLLOWING CLOSE OF SILVA DEAL, KENT
DEVRIES,
PRESIDENT OF SILVA, WILL CONTINUE TO RUN BUSINESS

Source text for Eikon:  ID:nPnL2kHda 
Further company coverage:  UVV.N 

 ((Reuters.Briefs@thomsonreuters.com;))