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SCOTTISH HERITABLE ENTERS INTO LETTER OF INTENT TO SELL RIPPLEMEAD, VA. FACILITY

 SCOTTISH HERITABLE ENTERS INTO LETTER OF INTENT TO SELL
 RIPPLEMEAD, VA. FACILITY
 FAIRFAX, Va., April 1 /PRNewswire/ -- Scottish Heritable, Inc. (NASDAQ: SHER) announced today that it has entered into a letter of intent with the owners of Mississippi Lime Company of Alton, Ill., for the sale of Scottish Heritable's facility at Ripplemead, Va. This transaction is expected to close in the third quarter of 1992. Substantially all of the net cash proceeds from the sale will be used to reduce the indebtedness owed to Scottish Heritable's lenders. The transaction is contingent upon the execution of a definitive agreement, due diligence, regulatory filings and other matters.
 "The disposal of the Virginia facility will reduce the company's debt by more than 50 percent and will more than treble stockholders equity," said Peter C. Timms, Scottish Heritable, Inc.'s chief executive officer. "The company's interest burden will be substantially reduced and management will be freed to focus fully on further improving the company's remaining operations."
 Scottish Heritable, Inc. operates lime and limestone production facilities in Arkansas, Pennsylvania, Texas and Virginia. The Scottish Heritable Trust PLC, a York, England-based industrial holding company, owns 49.99 percent of the company's stock.
 -0- 4/1/92
 /CONTACT: Peter C. Timms of Scottish Heritable, 703-207-9702/
 (SHER) CO: Scottish Heritable, Inc. ST: Texas, Virginia IN: MNG SU:


SH -- NY070 -- 3929 04/01/92 14:09 EST
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Publication:PR Newswire
Date:Apr 1, 1992
Words:228
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