Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, June 9, 1994 TAG: 9406100018
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Reynolds Metals Co., a Richmond aluminum maker with recycling operations in Western Virginia, said Wednesday its Reynolds International Inc. subsidiary has entered a joint venture with four other companies to build an aluminum beverage can and end plant in Dammam, Saudi Arabia.
Reynolds International will hold a 27.5 percent interest in the venture. Other participants, with their ownership interest, are The Olayan Group, through its Coca-Cola Bottling Co. of Saudi Arabia (27.5 percent) and Olayan Financing Co. (10 percent); and two major Saudi juice and soft drink producers, A.W. Aujan & Bros. Co. (21.5 percent) and Al-Jabr Trading Co. (13.5 percent).
Regulatory approval for the project is expected within the next two months, and construction will begin within 90 days. When completed in early 1996, the 1.2 billion-can-per-year plant will supply cans for Coca-Cola, other soft drinks and assorted juices produced by the Saudi shareholders.
Reynolds will provide technology for the project and will manage and operate the facility. The plant will employ about 260 people.
- Staff report
Drew Expo draws record crowds
The Great James H. Drew Exposition, which ended a weeklong stay at the Roanoke Civic Center on Sunday, drew 75,000 visitors, its spokesman said.
Jan Wilkins of Roanoke, public relations representative for Drew, said the attendance was a record for the five years the amusement operation has visited Roanoke.
He also said Drew will install fencing around the civic center parking lot next year so it can better control the crowd. Security was a problem this year. Police made several arrests because of fights during the show.
The Drew Exposition, with headquarters in Augusta, Ga., has operated since 1949.
- Staff report
Briefly ...
Caterpillar Inc., Peoria, Ill.-based parent of Carter Machinery Co. of Salem, said Wednesday its directors have recommended a two-for-one split of its common stock. A final decision will be made at a special meeting of stockholders Aug. 5. Stockholders of June 20 will be eligible to vote. If the measure is approved, stockholders on Aug. 9 would receive the additional shares. The board also doubled the cash dividend to 30 cents per share on a pre-split basis, payable Aug. 20 to stockholders of July 20.
Martin Brothers Contractors Inc. of Roanoke said it has a contract to build a 53,000-square-foot expansion of the Uttermost Co., a home-accessories maker in Rocky Mount. The structure will be an American PreEngineered Metal Building, a fabricated product of American Buildings Co. American Buildings recently began construction of a fabricating plant in the Mecklenberg County Airport Industrial Park near South Hill. Martin Brothers said it has contracts for additions to Back Creek and Cave Spring elementary schools in Roanoke County and an addition to Blacksburg Christian Fellowship Church. The contracts total $2.9 million.
CFW Communications Co., a Waynesboro telecommunications company, has registered with the Securities and Exchange Commission to offer 800,000 shares of its common stock, with an option to offer an additional 120,000 shares. Proceeds from the sale will be used to repay debt from acquisition of American Quality Cable Corp. and capital expenses related to CFW's proposed entry into the directory-service business. The price for the new stock will be determined by negotiation between the company and Wheat First Butcher Singer, as representative of the underwriters.
Trade America Inc., a store selling new, used and refurbished computers, telephones, VCRs and other electronics equipment, has opened at 937 Apperson Drive, Salem. Taylor S. Adams is manager of the 1,500-square-foot stock room.
The Branch Group, three affiliated Roanoke construction and road-building companies, has been ranked 175th among the largest 400 U.S. contractors by Engineering News-Record, a trade publication. The ranking is based on the value of new contracts the company has acquired in the past year.
by CNB