THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Tuesday, May 23, 1995 TAG: 9505230319
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: (Staff)
LENGTH: Short : 21 lines
James River Corp. announced Monday it has completed the sale of half of the chemical recovery and cogeneration facility at its Naheola pulp and paper mill in Pennington, Ala., to UtilCo Group Inc. for $59 million in cash. James River retains ownership of the remaining 50 percent stake in the plant. The cogeneration facility was previously jointly owned by James River and CRSS Inc. of Houston. In November 1994, James River initiated the exercise of its option to purchase CRSS' interest in the facility. In a recent settlement with CRSS, James River assigned the right to purchase CRSS' interest to UtilCo. by CNB