Board Approves Spin-off Of Sea-Land Service To Reynolds Shareholders
The board of directors of R.J.
Reynolds, Inc. has approved the spin-off of its ocean shipping subsidiary, Sea-Land Industries Investments Inc.
When arrangements for the spinoff of Sea-Land to RJR's shareholders are completed, the board will set record and payment dates for a special dividend of Sea-Land common stock to holders of RJR common stock. The pro rata distribution of stock will transfer ownership of Sea-Land to the shareholders of RJR common stock. The spin-off is expected to be completed in the second quarter of this year.
J. Tylee Wilson, RJR president and chief executive officer, said he is pleased with the board's decision.
"We believe that the spin-off will establish both Sea-Land and Reynolds Industries as distinct investment alternatives that will be properly recognized by the investment community," he stated. "It is also consistent with RJR's goal of sharpening its focus on consumer goods and services," he said.
Reynolds Industries had previously reported that when the spinoff is completed, its vice chairman of the board, Joseph F. Abely Jr., will become chairman and chief executive officer of Sea-Land.
Commenting on the spin-off, Mr.
Abely said, "Sea-Land emerges from Reynolds Industries as the strongest company in the world containerized transportation business.
The depth of its management, its worldwide network of facilities and systems, and its very strong balance sheet equip the company to continue to compete most effectively," he stated.
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