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JAMES RIVER ANNOUNCES EXERCISE OF PUT OF DIAMOND SHARES

 RICHMOND, Va., May 14 /PRNewswire/ -- James River Corporation (NYSE: JR) announced today that it has received notice from Occidental Forest Inc. ("OFI") that OFI is exercising its right to sell its 77 percent ownership interest in Diamond Occidental Forest Inc. ("Diamond") to James River. James River presently has a 23 percent ownership interest in Diamond. Pursuant to the put and call agreement entered into between James River and OFI in December 1988, OFI will sell its interest in Diamond to James River for approximately $198 million. The closing of this transaction is expected to occur in November 1993. The acquisition of the remaining 77 percent ownership interest in Diamond will give James River full ownership of Diamond's 820,000 acres of timberlands located principally in the Southeast and New England. Diamond's holdings include timberlands that are strategically located near three large James River pulp and paper manufacturing facilities in Alabama, Maine and New Hampshire, as well as cottonwood plantations in Louisiana, Oregon and Washington.
 James River Corporation, headquartered in Richmond, Va., is a marketer and manufacturer of consumer products, food and consumer packaging, and communications papers. These product lines include brands such as QUILTED NORTHERN(R) bathroom tissue, BRAWNY(R) paper towels, DIXIE(R) cups and plates, EUREKA!(TM) recycled copy paper, QUILT-RAP(TM) sandwich wrap, and QWIK CRISP(R) microwave packaging. For the year which ended on Dec. 27, 1992, the company had sales of $4.7 billion.
 -0- 5/14/93
 /CONTACT: Celeste C. Gunter (Financial), 804-649-4307, or Steve Garnett (Media), 804-649-4362, both of James River Corporation)/
 (JR)


CO: James River Corporation; Occidental Forest Inc. ST: Virginia, Wisconsin IN: PAP SU:

TW -- DC019 -- 8733 05/14/93 15:28 EDT
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Publication:PR Newswire
Date:May 14, 1993
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