Universal Corporation
{{About|the tobacco merchant|the entertainment company|Universal Studios, Inc.||}}
{{Use mdy dates|date=January 2020}}
{{Infobox company
| name = Universal Corporation
| logo = Universal Corporation Logo.png
| type = Public company
| traded_as = {{nyse|UVV}}
S&P 600 component
| industry = Tobacco
| founded = {{Start date and age|1886}}
| location_city = Richmond, Virginia{{cite web |title=Universal |url=http://fortune.com/fortune500/universal/ |website=Fortune |access-date=22 February 2019}}
| location_country = United States
| area_served = Worldwide
| key_people =
| products = Leaf tobaccos
| num_employees =
| num_employees_year =
| website =
}}
Universal Corporation is one of the world's leading tobacco merchants. Incorporated in 1886, Universal is headquarters in Richmond, Virginia, in the United States.
Current operations
Universal buys, sells, and processes flue-cured and burley tobacco. It also holds a 49% interest in Socotab, LLC, a large dealer in oriental leaf tobaccos. The company does not manufacture cigarettes or other consumer tobacco products, although its largest customer is Altria Group (owner of Philip Morris USA).
Universal common stock is part of the S&P 600 index.
History
After the 1911 breakup of the American Tobacco Company trust, Jacquelin P. Taylor incorporated Universal out of six formerly independent leaf merchants.{{Cite web|last=Griggs|first=Cara|date=2021|title=Universal Leaf Tobacco Company Of China, Federal, Inc., U.S.A.|url=https://uncommonwealth.virginiamemory.com/blog/2021/05/26/universal-leaf-tobacco-company-of-china-federal-inc-u-s-a/|access-date=2021-08-10|website=The UnCommonwealth: Voices from the Library of Virginia}}
On January 3, 2020, Universal purchased FruitSmart.{{cite web |date=January 3, 2020 |title=Universal Completes Acquisition of FruitSmart |url=https://www.fidelity.com/news/article/mergers-and-acquisitions/202001031624MIDNIGHTUSEQUITY_A2063429 |access-date=January 6, 2020 |work=Fidelity Investments}}
Bribery
In 2010, Universal along with its competitor Pyxus (then Alliance One) were accused of violations of the Foreign Corrupt Practices Act. The company is alleged to have used its subsidiaries to pay $850,000, $165,000 and $800,000 to officials in Malawi, Mozambique and Thailand, respectively. The company paid about $9 million in penalties and refunded disgorged profits to settle the charges.{{Cite web |title=Foreign Corrupt Practices Act: Enforcement Action Dataset |url=https://fcpa.stanford.edu/enforcement-action.html?id=341 |access-date=2023-04-27 |website=fcpa.stanford.edu}}
References
{{Reflist}}
External links
- [http://www.universalcorp.com/ Company Home Page]
- [http://www.universalcorp.com/AboutUs/History Company History]
{{Authority control}}
Category:Companies listed on the New York Stock Exchange
Category:Tobacco companies of the United States
Category:American companies established in 1886
Category:Companies based in Richmond, Virginia
Category:1918 establishments in Virginia
Category:Agriculture companies established in 1918
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