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

DATE: THURSDAY, November 3, 1994                   TAG: 9411030072
SECTION: BUSINESS                    PAGE: B-10   EDITION: METRO 
SOURCE: RON BROWN STAFF WRITER
DATELINE:                                 LENGTH: Short

STONE COMPANY FOR SALE

James River Limestone Co.'s principal owner confirmed Wednesday he has considered two recent offers to sell the Buchanan business. Cliff Wells says he intends to sell his interest in the company in the next several years.

"I'd do it tomorrow, if I could find the right combination," he said.

Wells, 67, said he would have to receive from any new owner assurances of job security for longtime employees. "I'm loyal to my employees," he said. "I'm particular who I talk to."

Wells, who retired as the day-to-day manager of the company about 18 months ago but still is its chief executive officer, said he was approached recently by a Texas financial group, but no acceptable offer was made.

While communication continues with the Texas group, Wells said James River is continuing to plan for the future.

Earlier this year the company spent about $700,000 to build a new, cleaner bagging plant. James River Limestone employs about 160 at its two Buchanan sites, Wells said. It has annual sales of about $15 million.

Wells gained controlling interest in the business in August 1968 after working there 18 years. He and his family hold 51 percent of the company's stock; employees own the remaining 49 percent.

James River Limestone serves four markets: industrial customers, farmers, consumers and coal mining companies. It produces a dust used to dilute coal dust and reduce the potential for fires and explosions in coal mines.

Wells said he intends to take his time selling the company. "It takes quite a while for someone to exhibit their due diligence," he said. "We're in a position where we'll consider only serious offers."

by CNB