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): November 1, 1995
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 November 1, 1995, James River Corporation of Virginia
("James River" or the "Company") published a press release
announcing the signing of two definitive agreements with
Benchmark Corporation of Delaware ("Benchmark") related to
their plastic cutlery and foam cup operations. Under the
first agreement, the Company will acquire Benchmark's
plastic cutlery, straw and thermoforming operations. Under
the second agreement, James River's Handi-Kup foam cup
operations will be combined with Benchmark's foam cup
operations in a joint venture. A copy of the press release
is filed herewith as Exhibit 99(a).
On November 7, 1995, the Company published a press release
announcing the completion of the plastic cutlery
acquisition. The Company anticipates, subject to normal
closing conditions, that the foam cup joint venture will be
completed during November 1995. A copy of the press release
is filed herewith as Exhibit 99(b).
Item 7. Financial Statements and Exhibits
(c) Exhibits:
99(a) Press release dated November 1, 1995,
published by the registrant -- filed herewith.
99(b) Press release dated November 7, 1995,
published by the registrant -- filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities 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/ Clifford A. Cutchins, IV
Clifford A. Cutchins, IV
Senior Vice President, General Counsel,
Corporate Secretary
Date: November 13, 1995
Exhibit 99(a)
News Release: Immediate Contact: Richard B. Elder--Media
(804) 343-4785
Celeste Gunter--Financial
(804) 649-4307
JAMES RIVER TO ACQUIRE PLASTIC CUTLERY OPERATIONS AND
JOINT VENTURE FOAM CUP OPERATIONS
RICHMOND, Va., November 1, 1995 -- James River Corporation
announced today two transactions which will sharpen the focus of its
North American Consumer Products Business. James River has signed
two definitive agreements with Benchmark Corporation of Delaware
related to their plastic cutlery and foam cup operations. Under the
first agreement, James River will acquire Benchmark's plastic
cutlery, straw and thermoforming operations. Under the second
agreement, James River's Handi-Kup foam cup operations will be
combined with Benchmark's WinCup foam cup operations in a joint
venture controlled and operated by WinCup. In consideration for both
transactions on a combined basis, James River will pay approximately
$24 million and receive a 45% minority interest in the new WinCup
foam cup joint venture. It is anticipated that the purchase of the
Benchmark cutlery operations will be completed on or about November
6. The formation of the WinCup foam cup joint venture is expected to
be completed during November. Both transactions are subject to
normal closing conditions.
James River will acquire Benchmark's plastic cutlery
facilities in Houston, Texas, Atlanta, Ga., and Los Angeles, Calif.
These Benchmark cutlery facilities have a current annual sales rate
in excess of $70 million. James River's total cutlery capacity,
including current operations located in Leominster, Mass., will more
than double with this acquisition. James K. Goodwin, president of
James River's North American Consumer Products Business, noted, "By
combining Benchmark's operations with our existing cutlery business,
James River will become the leading supplier of plastic cutlery to
the North American foodservice market. The Benchmark plants provide
us with the capacity needed to meet our customers' rapidly growing
demand. In addition, our combined cutlery facilities will be
strategically located across the U.S. to ensure superior customer
service."
James River will contribute its four Handi-Kup foam cup plants,
located in Corte Madera, Calif., Jacksonville, Fla., Metuchen, N.J.,
and West Chicago, Ill., to the newly formed joint venture. The joint
venture resulting from the combination of Handi-Kup with Benchmark's
six WinCup foam cup plants will represent the second largest producer
of foam cups in the U.S.
James River Corporation, headquartered in Richmond, Va., is a
leading manufacturer and marketer of consumer products and food and
consumer packaging. These product lines include brands such as
QUILTED NORTHERN bathroom tissue, BRAWNY paper towels, DIXIE paper
cups and plates, QUILT-RAP sandwich wrap and QWIK WAVE microwave
packaging, as well as EUREKA! recycled copy paper and WORD PRO copy
paper. In addition, the company produces a number of popular brands
for the European towel and tissue market. James River's current
annual sales rate is approximately $6.0 billion.
Today's new release, along with past releases from James River, is
available by fax, at no charge, by calling PR Newswire's Company News
On Call at (800) 758-5804, ext. 457350.
Exhibit 99(b)
News Release: Immediate Contact: Richard B. Elder--Media
(804) 343-4785
Celeste Gunter--Financial
(804) 649-4307
JAMES RIVER COMPLETES PLASTIC CUTLERY ACQUISITION
RICHMOND, Va., November 7, 1995 -- James River Corporation
announced today that it has completed the purchase of the plastic
cutlery operations of Benchmark Corporation of Delaware. James River
paid a total of $55 million in cash, subject to a working capital
adjustment, for Benchmark's cutlery, straw and thermoforming operations
in Houston, Texas, Atlanta, Ga., and Los Angeles, Calif. The
acquisition of these facilities, which have a current annual sales rate
in excess of $70 million, more than doubles James River's cutlery
capabilities and makes James River the leading supplier of plastic
cutlery to the North American foodservice market. This acquisition also
provides James River with the added capacity needed to serve its
existing customers' requirements and expands its customer base.
Finally, by adding operations in the southern and western U.S. to
complement the company's Leominster, Mass., cutlery plant, the Benchmark
acquisition should enable James River to reduce its distribution costs.
As previously announced, James River and Benchmark have also
signed an agreement related to their foam cup operations. Under this
agreement, James River will combine its Handi-Kup foam cup operations
with Benchmark's WinCup foam cup operations in a joint venture
controlled and operated by WinCup. In connection with this transaction,
James River expects to receive proceeds of approximately $31 million and
a 45% minority interest in the new WinCup joint venture. This
transaction, which is subject to normal closing conditions and financing
of the joint venture, is expected to be completed in November.
James River Corporation, headquartered in Richmond, Va., is a
leading manufacturer and marketer of consumer products and food and
consumer packaging. These product lines include brands such as QUILTED
NORTHERN bathroom tissue, BRAWNY paper towels, DIXIE paper cups and
plates, QUILT-RAP sandwich wrap and QWIK WAVE microwave packaging, as
well as EUREKA! recycled copy paper and WORD PRO copy paper. In
addition, the company produces a number of popular brands for the
European towel and tissue market. James River's current annual sales
rate is approximately $6.0 billion.
Today's new release, along with past releases from James River, is
available by fax, at no charge, by calling PR Newswire's Company News On
Call at (800) 758-5804, ext. 457350.
