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

DATE: FRIDAY, December 9, 1994                   TAG: 9412100068
SECTION: BUSINESS                    PAGE: A-19   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

IN BUSINESS

Rowe Furniture Corp., Arlington manufacturer with operations in Salem, on Thursday declared a 2 cents per share common stock dividend, a 20 percent increase over its current 1.67-cent rate. The new quarterly dividend reflects the 3-for-2 stock split paid Dec. 6. The dividend will be paid Jan. 13 to shareholders of Dec. 22.

- Staff report

Progress Printing buys competitor

Progress Printing, a Lynchburg-based commercial printer, said Thursday it has acquired Sterling Printers of Richmond.

The deal, which was effective Dec. 2, adds to Progress' customer base in Richmond, Northern Virginia and Tidewater as well as to its printing capacity, said spokesman Craig Shaffer.

Before the purchase, Progress president Thomas D. Thornton II held a one-third ownership in Sterling. The remainder was held by Sterling CEO Lee E. Schelley, who will retire.

Sterling Printers was formed in January with the merger of Satterwhite Printing Co., which Schelley bought in 1989, and Whittet & Shepperson Printers, owned by Thornton.

Progress Printing, founded in 1962, posted sales of $30 million in its 1993-94 fiscal year. It also owns the Walnut Circle Press in Greensboro, N.C.

- Staff report