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

DATE: WEDNESDAY, February 15, 1995                   TAG: 9502160017
SECTION: BUSINESS                    PAGE: B-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

Four companies on Tuesday announced plans for new Virginia operations:

Readicut Holdings USA., a unit of Readicut Holdings International of Great Britain, said it will build a $12 million, 120,000-square-foot plant, warehouse and offices in the Martinsville Industrial Park to produce fibers and batting used in bedding and carpet products. The plant is to employ 120 when it opens in October.

Tokai Denko Co. Ltd., a Japanese auto parts manufacturer, will open a facility in the former Sara Lee building at Gretna in Pittsylvania County. The company will invest $5 million in the facility, to employ 50

Direct Marketing Enterprises Ltd., a Westbury, N.Y., mail-order company, said it will build a $9.5 million, 230,000-square-foot operations center in Portsmouth, creating 300 jobs.

American Press Inc., magazine printer, said it plans expansion and capital equipment investment at its plant at Gordonsville in Orange County. The move would expand its work force of 216.

- Staff report

Tech wins grant for Russian project

BLACKSBURG - A team of trainers from Virginia Tech and a Herndon company will receive $2 million from the U.S. Agency for International Development to establish technology businesses in Russia.

Virginia Tech and Atlas Group Inc. will work on the project for two years with the Academy of National Economy in Moscow. The Moscow Technology Incubator will provide development support, management training and marketing assistance.

Frederick Krimgold, director of Tech's Outreach and International Programs office in Northern Virginia, said the project also will help Russia retain scientists and keep its research centers viable.

- Staff report

Briefly ...

Revco D.S. Inc., Twinsburg, Ohio, operator of Revco drug stores, said Tuesday it will repurchase up to 1 million shares of its common stock from time to time in the public market or through privately negotiated transactions. Revco has about 66.5 million shares of common stock outstanding.

The 800-store chain also said it has divested 270 stores in the seven months since it acquired the Hook-SupeRx Inc. chain.

Morrison Restaurants Inc., Mobile, Ala., cafeteria operator, announced Tuesday an odd-lot tender offer to stockholders owning fewer than 100 shares of Morrison common stock on Feb. 1. The company will pay the closing price of its stock traded on the New York Stock Exchange on the date it receives the tendered shares. Morrison common stock closed Tuesday at $26.75 a share. The offer expires April 12.

Signet Banking Corp., Richmond parent of Signet Bank, on Tuesday named Bruce C. Gottwald Jr. chairman and chief executive of First Colony Corp., to its board of directors. First Colony is parent of First Colony Life Insurance Co. of Lynchburg. Gottwald also is a director of Ethyl Corp., Paragon Mutual Funds and Albemarle Corp.

Hills Stores Co., Anton, Mass.-based discounter, said Tuesday it has leased a store in Statesville, N.C., and plans additional stores in Virginia and North Carolina. Next month it will open two of five previously announced stores in Tidewater.