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ETHYL SAYS IRS ACTED FAVORABLY ON REQUEST THAT PROPOSED SPIN-OFF OF REMAINING INTEREST IN FIRST COLONY BE TAX-FREE

 RICHMOND, Va., March 1 /PRNewswire/ -- Ethyl Corporation (NYSE: EY) said today that the Internal Revenue Service has acted favorably on its request that the proposed spin-off of the company's remaining interest in First Colony Corporation (NYSE: FCL) be tax- free to Ethyl and its shareholders.
 Ethyl also said that its board of directors later this spring will take up the matter of the proposed spin-off to shareholders of its approximately 80 percent interest in First Colony Corporation. In the prospectus for the initial public offering of First Colony common stock, Ethyl indicated that the spin-off could take place as early as June 1993.
 Last October, Ethyl announced its intention to pursue a partial sale and ultimate spin-off of its interest in its insurance holding. On Dec. 8, 1992, Ethyl completed an initial public offering of approximately 20 percent of the stock of First Colony Corporation, which owns First Colony Life Insurance Company and American Mayflower Insurance Company.
 Ethyl Corporation, a Fortune 500 company headquartered in Richmond, is a worldwide producer and marketer of value-added performance chemicals for the petroleum and plastics industries. Ethyl also makes high-technology chemical intermediates for detergents, polymers, electronics, agricultural chemicals and pharmaceuticals.
 -0- 3/1/93
 /CONTACT: A. Prescott Rowe, 804-788-5413, or Robert P. Buford IV, 804-788-5494, both of Ethyl Corporation/
 (EY FCL)


CO: Ethyl Corporation; First Colony Corporation ST: Virginia IN: CHM INS SU:

DC -- DC013 -- 1331 03/01/93 10:48 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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