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

DATE: FRIDAY, April 23, 1993                   TAG: 9304230204
SECTION: BUSINESS                    PAGE: A7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

IN BUSINESS

Ethyl Corp.'s directors Thursday approved a July spin-off to holders of Ethyl common stock of the company's remaining interest in First Colony Corp., a holding company that owns First Colony Life Insurance Co. of Lynchburg and American Mayflower Life Insurance Co. of New York.

Ethyl said its approximately 80 percent interest in First Colony will be spun off in the form of a tax-free stock dividend to Ethyl shareholders of about one share of First Colony common stock for three shares of Ethyl common stock. The dividend will be payable July 1 to shareholders on June 11. - Staff report

\ Briefly . . .

Aerial Machine and Tool Corp., a Patrick County defense contractor specializing in aircraft safety devices, is a finalist in a competition citing efforts by nongovernment organizations to sustain and promote local and regional economies. The program is sponsored by the Southern Growth Policies Board. Aerial employs 65 people at its plant in Vesta.

\ Expert Edge Inc., a Roanoke engineering consultant and software development firm, has a contract to provide computer modeling for cleanup of a Deland, Fla., landfill. The engineering analyses are to be completed this summer.

\ Lemons' Jewelers, a Waynesboro-based retail chain, has opened at Valley View Mall in Roanoke. The 44-year-old company operates 11 other stores in Virginia and North Carolina. Jody Davis is manager of the new store.