ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, March 19, 1991                   TAG: 9103190100
SECTION: BUSINESS                    PAGE: A-3   EDITION: METRO 
SOURCE: 
DATELINE: RICHMOND                                LENGTH: Short

JAMES RIVER SELLS ITS SPECIALTY-PAPER MILLS

James River Corp. said Monday it has signed agreements to sell its specialty-papers business as part of a previously announced $1.3 billion restructuring plan.

Twenty-two mills will be sold to Specialty Coatings Group Inc. for $285 million cash and $52 million in stock. James River will get operating leases on five of the mills as part of the agreement, the Richmond-based company said. Specialty Coatings Inc. will be controlled by AEA Investors Inc. of New York and a management group headed by James E. Rogers, group executive of James River's Specialty Papers Business.

The transaction is expected to be completed in the spring, James River said.

Sixteen of the 22 mills are in the United States, five in the United Kingdom and one in Ireland. The mills' products include paper used in automobile oil and air filters and coated papers used for stick-on tags, a spokeswoman said. - Associated Press 


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