Tobacco merchant Universal Corp. to buy fruit supplier FruitSmart

Tobacco merchant Universal Corp. said late Wednesday it has agreed to buy fruit and vegetable processor and supplier FruitSmart, aiming for a "new growth opportunity." FruitSmart "is well-positioned to capitalize on recent shifts in market dynamics and consumer behavior including a secular shift towards health and wellness," Universal said in a statement. Terms of the deal weren't disclosed but Universal said it expected to fund the acquisition with a combination of cash and debt. The deal is expected to close in the current fiscal year and add to the company's bottom line in the first fiscal year after closing, the company said. Shares of Universal were flat in the extended session Wednesday after ending the regular trading day down 1.7%.

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