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

DATE: TUESDAY, March 2, 1993                   TAG: 9303020138
SECTION: BUSINESS                    PAGE: B-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

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ETHYL: IRS OKS TAX-FREE SPIN-OFF OF FIRST COLONY

Ethyl Corporation said Monday the Internal Revenue Service has approved its request that the proposed spin-off its remaining interest in First Colony Corp., Lynchburg operator of First Colony Life Insurance Co. and American Mayflower Insurance Co., be tax-free to Ethyl and its shareholders.

Ethyl also said its board of directors later this spring will take up the matter of the proposed spin-off. Ethyl has indicated the action could take place as early as June.

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