Universal Corp. Announces New Leaf Supply Arrangement For The Philippines

(RTTNews) - Universal Corp. (UVV) announced that the company's subsidiary, Universal Leaf Philippines, will be increasing its purchases of leaf tobaccos in the Philippines, as part of a new leaf supply arrangement for the Philippines with Philip Morris International Management SA. Starting with the 2019 crop, PMFTC, Inc., an affiliate of PMIMSA, will purchase processed grades of tobacco from Universal Leaf Philippines.

George Freeman, III, CEO of Universal Corp., stated: "The expansion of direct contracting by ULPI will provide procurement synergies and economies of scale that will promote efficient leaf utilization of tobaccos supplied to PMFTC and our other customers, and will support the competitiveness of Philippine tobaccos in the global leaf markets."