ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Saturday, February 15, 1997 TAG: 9702170089
SECTION: BUSINESS PAGE: A-5 EDITION: METRO
Dimon to buy British, Zimbabwean dealers
DANVILLE - Dimon Inc., a Virginia-based processor and exporter of leaf tobacco, said Friday it will buy U.K. tobacco dealer Intabex Holdings Worldwide SA and an affiliated Zimbabwean company for $267million in cash and securities, expanding Dimon's global reach.
Dimon will pay 2million shares of Dimon common stock, $140million in 10-year, 6.25 percent subordinated debentures convertible into Dimon shares, and $79.25million in cash for the closely held company.
Intabex is the world's fourth-largest leaf dealer, with $700million in sales. It is owned by Spain's Tabacalera SA and Zimbabwe's Taberer family.
Intabex will improve Dimon's access to sources of tobacco in Africa and to fast-growing markets in Europe. This would help close the gap between Dimon and industry leader Universal Corp. Intabex gives Dimon about $2.3 billion in tobacco revenue, just less than Universal's $2.5 billion, according to a recent estimate by tobacco industry analyst Jack Kasprzak of Davenport & Co. in Richmond.
Dimon shares, traded on the New York Stock Exchange, fell 50 cents, closing Friday at $23.871/2.
Dimon said last year it had about 30 percent of the global tobacco dealers' market.
- Bloomberg News Service
2nd subdivision to open today
The second section of the Edgemont subdivision will open today in east Roanoke County. The development constructed by Charles R. Simpson Inc. consists of 45 single-family homes. They have from 1,500 to 2,500 square feet and are priced from $149,000 to $220,000.
The brick homes feature walk-in pantries, first-floor master bedrooms and natural gas heat. The subdivision has county water and sewer.
- Staff report
Boone opens Daleville office
Boone & Co. Realtors, a Roanoke County-based residential and commercial realty broker, has opened an office on U.S. 220 at Daleville. It replaces the offices at Hollins and U.S. 460 East. The office is intended for customers in Roanoke, Bedford and Botetourt counties.
Vic Coffey will oversee the staff of 30 agents. Boone said the office has new technology to show every home it has for sale.
- Staff report
Bankruptcies
Five bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Three of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.
* Christian & Company of Virginia Inc. of Roanoke, also known as Christian & Company Food Brokers Inc., filed for reorganization and protection from creditors. The company said it has assets of $53,246 and liabilities of $200,672.
* John William Repass of Wytheville, a plumbing and electrical contractor, filed for liquidation with assets of $69,975 and liabilities of $88,234.
* Daniel Benjamin Thompson and Georgia Catherine Thompson of Cedar Bluff filed for a wage-earner plan for repayment of debts, estimating assets at more than $100,000 and liabilities at more than $50,000. Daniel Thompson has an interest in Daniel Sales Co.
* David L. Fee and Sharon Fee of Rose Hill filed for liquidation with assets of $67,750 and liabilities of $298,488. They operated White Rock Food & Deli and White Rock Construction Inc.
* Will Howard Shewey of Radford filed for liquidation with assets of $3,800 and liabilities of $29,348. He is a self-employed minister who formerly operated The Rosary Florist.
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