Printer Friendly

JAMES RIVER'S DOFI AFFILIATE COMPLETES TIMBERLAND SALE TO HANCOCK TIMBER RESOURCE GROUP

 RICHMOND, Va., Oct. 8 /PRNewswire/ -- James River Corporation (NYSE: JR) announced today that Diamond Occidental Forest Inc. ("DOFI"), a 23 percent owned affiliate, has finalized a transaction with Hancock Timber Resource Group ("Hancock"), a division of John Hancock Financial Services, for the sale of more than 300,000 acres of timberland. James River's commitment to responsible stewardship of timberland will continue to be pursued by Hancock Timber Resource Group, the nation's largest manager of institutional timberland investment with over $2.0 billion and 2 million acres under management.
 Under the terms of the transaction, James River and Hancock have entered into long-term agreements providing for the continued delivery of pulpwood to James River. Total proceeds in excess of $100 million from this and other land sales will be used in connection with James River's purchase from Occidental Forest Inc. in November 1993 of the remaining 77 percent of DOFI, which will own approximately 500,000 acres of timberland following the Hancock transaction.
 James River Corporation, headquartered in Richmond, Virginia, is a marketer and manufacturer of consumer products, food and consumer packaging, and communications papers. These product lines include brands such as Quilted Northern bathroom tissue, Brawny paper towels, Dixie cups and plates, Eureka! recycled copy paper, Quilt-Rap sandwich wrap, and Qwik Crisp microwave packaging. For the year which ended on December 27, 1992, the company had sales of $4.7 billion.
 -0- 10/8/93
 /CONTACT: Celeste Gunter, 804-649-4307, or Jane O. Wilson, 804-649-4284, both of James River Corporation/
 (JR)


CO: James River Corporation ST: Virginia IN: PAP SU: TNM

KD-PB -- DC028 -- 0224 10/08/93 14:14 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 8, 1993
Words:269
Previous Article:MARRIOTT ISSUES SPECIAL DIVIDEND, COMPLETING SPLIT INTO TWO COMPANIES
Next Article:LAWYERS TITLE CORPORATION ANNOUNCES PUBLIC STOCK OFFERING
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters