Universal Corporation to acquire Shank's Extracts for approx. $100M to boost plant-based ingredients platform

UNIVERSAL CORP /VA/

Acquires 100% of Shank’s for ~$100M cash; real property acquired separately for ~$13.325M.
Shank’s is a 120-year-old flavoring & extracts company with over 2,400 products, strong vanilla expertise.
Shank’s employs 200+ at a 191,000 sq ft campus in Lancaster, PA; will operate under Universal’s plant-based platform.
Deal expected to close Q4 2021, subject to regulatory approvals; anticipated accretive to earnings in FY2023.

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