SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 28, 1994
JAMES RIVER CORPORATION OF VIRGINIA
(Exact name of registrant as specified in its charter)
Virginia
(State or other jurisdiction of incorporation)
1-7911 54-0848173
(Commission File Number) (IRS Employer Identification Number)
120 Tredegar Street, Richmond, Virginia 23219
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (804) 644-5411
Item 5. Other Events.
On September 28, 1994, James River Corporation of Virginia
("James River" or the "Company") published a press release
announcing that the Company is exploring strategic options that
could sharpen the Company's focus, reduce debt, and improve
profitability. Options under consideration include possible
divestiture of certain assets, formation of joint ventures, and
the sale of business unit equity in the U.S. and Europe. A copy
of the press release is filed herewith as Exhibit 99.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
99 Press release dated September 28, 1994, published by the
registrant -- filed herewith
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
JAMES RIVER CORPORATION OF VIRGINIA
By:/s/James R. Hudson, Jr.
James R. Hudson, Jr.
Vice President, Corporate Controller
Date: September 30, 1994
EXHIBIT 99
News Release: Immediate Contact: John Burke (Media)
(804) 649-4291
Celeste Gunter (Financial)
(804) 649-4307
James River Studying Strategic Initiatives
RICHMOND, VIRGINIA, September 28, 1994 -- James River
Corporation is exploring strategic options that could sharpen the
focus of the company, reduce debt, and improve profitability, Bob
Williams, Chairman, President and Chief Executive Officer, announced
today. Options under review include possible divestiture of certain
assets, formation of joint ventures, and the sale of business unit
equity in the U.S. and Europe.
As the Communications Papers Business continues to improve with
further intensive cost reduction and price increases, opportunities
to raise cash and reduce debt through divestiture, joint venture, or
spin-off to shareholders as a separate public company, will be
thoroughly studied.
The strong competitive position of the Packaging Business will
be further developed through ongoing productivity improvements and
priority investments in new folding carton and plastic film
technology and processes. The possibilities of faster business
growth and greater financial market recognition through a separate
equity position for this business are being evaluated.
Improved financial flexibility could allow the company to
intensify its efforts to improve the performance of its U.S. and
European Consumer Products Business through accelerated product
innovation, process automation, asset consolidation, and continued
productivity gains.
"With improving business performance, these opportunities will
be explored in the interest of maximizing long-term shareholder
value," said Mr. Williams.
James River Corporation, headquartered in Richmond, Virginia, 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,
Word Pro(r) copy papers, and Quilt-Rap(tm) sandwich wrap. In
addition, the company's Jamont operations produce a number of popular
consumer brands for the European market such as Lotus bathroom tissue
and Vania feminine hygiene products. James River has a current
annual sales rate of approximately $6 billion.
