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RIVERWOOD INTERNATIONAL SIGNS AGREEMENT TO ACQUIRE MACON KRAFT ASSETS

RIVERWOOD INTERNATIONAL SIGNS AGREEMENT TO ACQUIRE MACON KRAFT ASSETS
 ATLANTA, March 23 /PRNewswire/ -- Riverwood International Corporation, the wholly-owned forest products subsidiary of Denver- based Manville Corporation (NYSE: MVL), announced today that company officials have signed an agreement with Pratt Industries (USA) for the purchase of substantially all the assets of Macon Kraft Inc., of Macon, Ga. The purchase price is approximately $210 to $220 million, subject to certain closing adjustments. The agreement also contemplates the assumption of at least $175 million of indebtedness of Macon Kraft. The acquisition is subject to a number of conditions, including, among others, approval by the boards of directors of Manville and Riverwood International prior to May 8, 1992; receipt of financing for both the acquisition and additional improvements planned at the mills; union contract approvals; and regulatory and environmental consents.
 Macon Kraft employs more than 500 people and is a large manufacturer of linerboard for corrugated box applications. Annual production of Macon Kraft is approximately 525,000 tons of paperboard.
 Riverwood International President Tom Johnson said that in addition to Macon's present linerboard capabilities, the company intends to make substantial improvements at Macon to equip the mill to produce Riverwood International's proprietary coated boxboard grades of paperboard.
 "It is envisioned that all conditions relating to the transaction can be met during the third quarter of this year," Johnson said. "The new coated products to be made at Macon will be used to supply our rapidly growing machinery-based packaging systems, marketed on a global basis," Johnson added.
 Riverwood International also said that it is considering a primary public offering of up to 20 percent of Riverwood International's common stock and a concurrent offering of long-term debt. It is anticipated that the proceeds will be used to finance expansion of its coated paperboard packaging capacity and for general corporate purposes.
 Riverwood International Corporation is a worldwide vertically integrated, machinery based paper packaging company. Founded in 1923 in West Monroe, La., Riverwood International was renamed in 1991 from Manville Forest Products Corporation. Today it employs 8,000 people throughout North America, Europe, the Pacific Rim, and South America. The company has assets of approximately $1.5 billion. 1991 annual sales were $1.0 billion from its six operating divisions. Its world headquarters was moved to Atlanta in late 1990.
 -0- 3/23/92 R
 NOTICE TO EDITORS FROM VICE PRESIDENT, CORPORATE RELATIONS, MANVILLE CORPORATION: Riverwood International is the only legally acceptable short version use of our new name, other than the full name, Riverwood International Corporation. Please do not abbreviate as "Riverwood". Thank you.
 /CONTACT: Jonna Manes of Riverwood International, 404-916-7914, or Charles Lemons (Financial) of Manville Corporation, 303-978-4694/
 (MVL) CO: Riverwood International Corporation; Manville Corporation ST: Georgia, Colorado IN: PAP SU: TNM


MC -- DV004 -- 0701 03/23/92 15:37 EST
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Publication:PR Newswire
Date:Mar 23, 1992
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