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Universal Sells Nontobacco Businesses
Tobacco outfit Universal (UVV Quote) said Friday it completed the sale of the nontobacco businesses of its Deli Universal unit for $401 million in cash.
The businesses were sold to a new company owned by NIBC Principal Investments, NPM Capital N.V., and managers of Deli's non-tobacco businesses.
Cash proceeds will be used to reduce debt; the board will consider the possibility of resuming the company's share repurchase program. ...
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