Universal is a global agriproducts company that operates as an intermediary in the tobacco and plant-based ingredients supply chains. Through its Tobacco Operations segment, Universal buys raw tobacco from farmers, processes it to meet specific requirements, and sells it to tobacco product manufacturers. This segment also provides services like custom blending, chemical testing, and reconstituted leaf manufacturing. In its Ingredients Operations segment, the company procures raw plant materials and transforms them into specialty ingredients such as juices, concentrates, purees, and botanical extracts for food and beverage companies. Universal makes money by purchasing raw agricultural commodities and converting them into value-added products sold at a margin. Price spreads between raw materials and finished goods, product mix, and volume throughput at processing plants drive profitability. Universal's strategy focuses on maximizing cash flow from its core tobacco business while scaling the ingredients platform to absorb fixed costs and improve margins. The company operates in over 30 countries and prioritizes shareholder returns through a long history of annual dividend increases.