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CHESAPEAKE WOOD TREATING REACHES AGREEMENT WITH UNIVERSAL FOREST PRODUCTS

 RICHMOND, Va., Aug. 17 /PRNewswire/ -- Chesapeake Corporation (NYSE: CSK) today announced that an agreement in principle had been reached with Universal Forest Products, Inc., a wholly owned subsidiary of The Universal Companies, Inc., for the conveyance of Chesapeake's Fredericksburg, Va.; North East, Md.; Stockertown, Pa.; Elizabeth City, N.C.; and Holly Hill, S.C., facilities; and the machinery and equipment from the Pocomoke, Md., facility. The assets to be conveyed represent substantially all of the assets of the former Chesapeake Wood Treating Co.
 The Asset Purchase Agreement that had been signed with Stephen E. Miron and Julie Miron, the principal shareholders of A.C. Dutton Lumber Corporation for the sale of the Fredericksburg, North East and Stockertown facilities has been terminated by mutual consent.
 J. Carter Fox, president and chief executive officer, commented: "The conveyance of these plants and this equipment will remove Chesapeake from the wood treating business, so that we can focus on our three primary businesses -- tissue, kraft products and packaging. I believe that operation of this business by Universal Forest Products, a leader in the wood treating industry, will benefit our customers and employees."
 Chesapeake Corporation, a Fortune 500 company headquartered in Richmond, is a paper and packaging company. Chesapeake's primary businesses are tissue and kraft paper products and packaging. Other businesses include consumer tissue products, land development and wood products.
 -0- 8/17/93
 /CONTACT: Madge M. Bush, director of corporate communications, Chesapeake Corporation, 804-697-1110/
 (CSK)


CO: Chesapeake Corporation; Universal Forest Products, Inc.; The
 Universal Companies, Inc. ST: Virginia IN: PAP SU:


DC-TW -- DC004 -- 3445 08/17/93 09:54 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
Words:266
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