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ESKIMO PIE CORPORATION COMMON STOCK OFFERED AT $17 PER SHARE

 ESKIMO PIE CORPORATION COMMON STOCK OFFERED AT $17 PER SHARE
 RICHMOND, Va., March 30 /PRNewswire/ -- Eskimo Pie Corporation today announced the sale of 2,926,089 shares of common stock at a selling price of $17 per share. Wheat First Butcher & Singer Capital Markets is the managing underwriter.
 The shares are being sold by a subsidiary of Reynolds Metals Company (NYSE: RLM), which owns 84 percent of Eskimo's common stock, and by the Reynolds Metals Company Foundation, which owns 4.1 percent.
 Eskimo will not receive any of the proceeds from the sale of shares by the selling stockholders. Reynolds Metals has indicated that in line with its previously announced strategy, proceeds from the sale would be reinvested in its core businesses.
 Eskimo has granted the underwriters an option, exercisable within 30 days, to purchase an additional 292,609 shares at the offering price to cover over-allotments.
 Prior to this public offering, there has been no established trading market for Eskimo Pie Corporation common stock. Eskimo has 3,316,478 outstanding shares.
 Eskimo markets branded frozen novelties, including its Eskimo Pie line of products, through a national network of licensed manufacturers.
 -0- 3/30/92
 /CONTACT: Lou Anne J. Nabhan, Reynolds Metals Company, 804-281-2965 or 804-359-2986/ CO: Eskimo Pie Corporation; Reynolds Metals Company ST: Virginia IN: REA SU:


DF -- CH007 -- 3085 03/30/92 17:12 EST
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Publication:PR Newswire
Date:Mar 30, 1992
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