Would involve non-tobacco businesses; firm also says it found possible violations
Jump to full article: Richmond (VA) Times-Dispatch, 2006-03-16
Author: JOHN REID BLACKWELL TIMES-DISPATCH STAFF WRITER
Intro: Universal Corp. is considering selling some of its non-tobacco businesses, the company said.
The Richmond-based company also said it found in a tobacco subsidiary possible violations of a federal law that prohibits bribery of foreign officials.
Universal said it received an offer for a "substantial portion" of its non-tobacco operations and has been in discussions with a potential buyer. "However, there can be no assurance that such discussions will ultimately result in a transaction," the company said in a statement.
Universal is the world's largest tobac- co-leaf merchant, buying tobacco from farmers in the United States and other countries and processing the raw leaf for cigarette companies and other tobacco-product manufacturers.
The company's non-tobacco businesses include lumber distribution and trading agricultural products such as rubber, tea, nuts and sunflower seeds.
Jump to full article » |