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MANVILLE ANNOUNCES NEW BOARD OF DIRECTORS

 DENVER, June 4 /PRNewswire/ -- At the Manville Corp. (NYSE: MVL) annual shareholders' meeting today, Chairman Tom Stephens reported that the slate of directors proposed by management had been elected by at least 99 percent of the voting shares. Joining the 12 re-elected directors are Michael N. Hammes, vice chairman of Black and Decker Corp. and John N. Hanson, president of the Mining Machinery Division of Joy Technologies Inc.
 "Mike Hammes and John Hanson each bring unique expertise to the Manville board. Mike Hammes has a wealth of experience in manufacturing and international operations, both of which will be valuable to Manville. John Hanson brings not only manufacturing and marketing expertise, he also has a strong scientific background," Stephens said.
 "We believe that the new configuration of the Manville board has the right mix of skills and perspectives. Communication with our majority owner, the Manville Personal Injury Settlement Trust, has been enhanced since three of its trustees joined our board last fall," Stephens added.
 "I also want to thank our retiring directors for the very substantial contributions they have made to Manville as the company has transformed itself from one dealing with the problems of the past to one looking to the future," Stephens concluded.
 Addressing current operations, Stephens reported that Schuller International, the company's fiber glass-based subsidiary, had made great strides toward its goal of becoming the industry's productivity leader. The company "reduced costs and improved efficiency throughout the business. (Schuller president) Dick Kashnow and his team are making Schuller more competitive than ever, while building a track record that we hope will give Schuller access to public financial markets."
 At Riverwood International, the company's paperboard and packaging systems subsidiary, the investment program to build coated board capacity continues on track, and the company's sales to the beverage carrier market continue strong. However, profitability has been reduced by the continued weakness of the linerboard market.
 Finally, in announcing to shareholders the board's decision to declare a dividend of $1.04 per common share, Stephens said that Manville "will continue to deliver value to our investors -- either in the form of cash today, or higher stock value tomorrow."
 Manville is an international holding company with two principal subsidiaries -- wholly owned Schuller International Inc., and 80-percent owned Riverwood International Corp. (NYSE: RVW). Products sold by Schuller International include insulation, reinforcements, filtration and building products. Riverwood International is a global packaging systems and paper products company. Founded in 1858, Manville and its subsidiaries employ approximately 16,000 people at more than 50 locations worldwide. Manville and its subsidiaries had approximately $3.6 billion in assets as of Dec. 31, 1992.
 -0- 6/4/93
 /CONTACT: Sharon Sweet of Manville, 303-978-4694/
 (MVL RVW)


CO: Manville Corp. ST: Colorado IN: PAP CST SU: PER

BB -- DV004 -- 5478 06/04/93 13:27 EDT
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Date:Jun 4, 1993
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