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

DATE: THURSDAY, December 9, 1993                   TAG: 9312090083
SECTION: BUSINESS                    PAGE: B8   EDITION: METRO 
SOURCE: Mike Hudson
DATELINE:                                 LENGTH: Medium

MYSTERY DEAL AFFECTS ROANOKE, BOTETOURT

Roanoke Valley economic development and government officials are negotiating with an employer about a major business expansion and relocation involving both Botetourt and Roanoke counties, several sources confirmed Wednesday. The expansion could means as many as 200 jobs, officials said.

Government officials, who would not reveal the name of the company, said the deal has not been completed. It could be weeks before it makes its decision and the deal is final, they said.

"As far as I know, it's not a done deal," one source said. "I think they're waiting on some people at the state level."

A government official said the company was not a manufacturer and the jobs would pay above minimum wage and be mostly full-time.

One Botetourt official said the deal is "very, very iffy . . . hypothetical." But another said he thought the arrangements were close to complete: "We hope to hear some good news just momentarily." \

ITT subsidiary spins to shareholders

ITT Corp., New York operator of a night-vision products plant and a gallium arsenide technology center in Roanoke County, said Wednesday it plans to spin off ITT Rayonier Inc., its forest-products subsidiary, to ITT shareholders. The transaction is one of the largest of its kind.

The new company will change its name from ITT Rayonier to Rayonier Inc. and will apply for listing on the New York Stock Exchange.

Shareholders would receive one share of Rayonier common stock for every four shares of ITT common stock, and one share of Rayonier common stock for every 3.1595 shares of ITT Series N. There will be about 30 million shares of the new company outstanding. The date of the transfer would be in mid-February, with distribution of new shares by the end of that month. - Staff report \

Briefly . . .

CSX Corp., Richmond-based transportation and real estate company with operations in Western Virginia, on Wednesday named Dr. Frank S. Royal of Richmond to its board of directors. Royal, 54, a native of Lynchburg, began his private practice in family medicine in 1969. Prior to entering medical school, he was a teacher in Lynchburg and Richmond public schools. Royal also is a director of Hospital Corporation of America, Crestar Financial Corp. and Chesapeake Corp.

Georgia Bonded Fibers Inc., Newark, N.J., operator of a fiberboard and foam products plant in Buena Vista, said it will operate under the name of Bontex, reflecting its global operations with subsidiaries in Europe, the Americas and the Pacific region. The ticker symbol for it's stock, traded on the Nasdaq market, has changed from GBFH or BOTX.

by CNB