EXHIBIT 99.1

Contact:                                                  Release:
KAREN M. L. WHELAN                                        February 4, 1999
(804)359-9311                                             2:00 P.M. Eastern Time






                UNIVERSAL CORPORATION ANNOUNCES ADDITIONAL STOCK
                       REPURCHASE AND QUARTERLY DIVIDEND

         RICHMOND,VA  February 4, 1999/PRNEWSWIRE/----

         Henry H.  Harrell,  Chairman and Chief  Executive  Officer of Universal
Corporation  announced  that the  company's  Board of Directors has approved the
additional  repurchase  of up to $100 million of  Universal  common  stock.  The
authorization is in addition to the current $100 million  program,  under which,
since May 1998,  approximately  2.3 million shares have been purchased for about
$81.1 million.  Mr. Harrell  explained  that  improving  shareholder  value is a
continuing  objective  of the  company  and that this step is one of a number of
actions that the company has taken in response to strong  earnings and free cash
flow. Other actions have included managing debt structure, increasing dividends,
and significantly  expanding the company's businesses.  The authorized purchases
may be made from  time to time on the open  market  or in  privately  negotiated
transactions  at  prices  not  exceeding  prevailing  market  rates.   Universal
currently has approximately 33.25 million common shares outstanding.

         In other  business,  the Board declared a quarterly  dividend of thirty
cents  ($.30) per share on the common  shares of the  Company,  payable  May 10,
1999,  to common  shareholders  of record at the close of  business on April 12,
1999.

         Universal  Corporation  is a  diversified  company with  operations  in
tobacco, lumber, and agri-products.  Its gross revenues for the fiscal year that
ended on June 30, 1998, were approximately  $4.3 billion.  For more information,
visit Universal's web site at www.universalcorp.com.