Universal processing tobacco in Poland for Philip Morris International
Richmond-based Universal Corp. has announced a deal to process Polish tobacco for New York-based Philip Morris International Inc.
Financial details on the agreement were not disclosed.
George C. Freeman III, Universal’s chairman, president and CEO, said the deal involves its subsidiary, Universal Leaf Tobacco Poland and Philip Morris Polska Tobacco.
Universal Leaf Tobacco Poland will process green leaf tobacco bought by Philip Morris Polska from their contracted grower base in Poland.
Previously, the processing of this tobaccos was handled directly by Philip Morris Polska.
The new arrangement was effective on Sept. 1, and processing of current crop of tobacco is expected to continue through April.
Universal has maintained leaf tobacco purchasing and processing operations in Poland since 1997.
Universal, a major leaf tobacco supplier, operates in more than 30 countries. Its revenues for the fiscal year ended March 31 were $2.3 billion.