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ETHYL CORPORATION BOARD OF DIRECTORS APPROVES FILING OF SEC REGISTRATION STATEMENT FOR PARTIAL SALE OF FIRST COLONY LIFE INSURANCE

ETHYL CORPORATION BOARD OF DIRECTORS APPROVES FILING OF SEC REGISTRATION
 STATEMENT FOR PARTIAL SALE OF FIRST COLONY LIFE INSURANCE
 RICHMOND, Va., Oct. 12 /PRNewswire/ -- Ethyl Corporation (NYSE: EY) said its board of directors has approved filing of a registration statement with the Securities and Exchange Commission (SEC) outlining a partial sale through a registered public offering of Ethyl's investment in its wholly owned subsidiary, First Colony Life Insurance Company.
 A board committee appointed last month to study the proposal recommended the filing. The board also expressed its intention to pursue a tax-free spin-off to Ethyl shareholders of Ethyl's remaining interest in First Colony Life Insurance Company. The spin-off is not expected to occur until sometime later in 1993.
 Ethyl said the registration statement filed with the SEC covers the sale of approximately 20 percent of the outstanding stock of Ethyl's subsidiary, First Colony Holding Corporation, a holding company that owns 100 percent of the stock of First Colony Life Insurance Company. The initial public offering, which is subject to final corporate approval, is anticipated for December and is subject to a favorable tax determination on the proposed spin-off. Ethyl's board also appointed The First Boston Corporation as managing underwriter for the proposed initial public offering.
 Since the registration statement relating to the proposed sale of the shares of First Colony Holding Corporation has been filed with the SEC for review and possible modification but has not yet become effective, these securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such State.
 In addition to owning First Colony, Ethyl Corporation, a Fortune-500 company based in Richmond, is a worldwide producer and marketer of value-added chemicals for the petroleum and plastic industries. Ethyl also makes high-technology chemical intermediates for detergents, polymers, electronics, agricultural chemicals and pharmaceuticals. Ethyl had 1991 revenues of $2.6 billion and net income of $206.7 million.
 -0- 10/12/92
 /CONTACT: A. Prescott Rowe, 804-788-5413, or Robert P. Buford IV, 804-788-5494, both of Ethyl Corporation/
 (EY) CO: Ethyl Corporation; First Colony Life Insurance Company ST: Virginia IN: CHM INS SU: OFR


CM -- CH001 -- 8767 10/12/92 09:43 EDT
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Publication:PR Newswire
Date:Oct 12, 1992
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