Page 8: of Maritime Reporter Magazine (April 1984)

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 sub- sidiary, Sea-Land Industries In- vestments Inc.

When arrangements for the spin- off of Sea-Land to RJR's share- holders 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 distri- bution of stock will transfer own- ership of Sea-Land to the share- holders of RJR common stock. The spin-off is expected to be com- pleted in the second quarter of this year.

J. Tylee Wilson, RJR president and chief executive officer, said he is pleased with the board's deci- sion. "We believe that the spin-off will establish both Sea-Land and

Reynolds Industries as distinct in- vestment alternatives that will be properly recognized by the invest- ment 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 previ- ously reported that when the spin- off 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 busi- ness. The depth of its manage- ment, its worldwide network of fa- cilities and systems, and its very strong balance sheet equip the company to continue to compete most effectively," he stated.

Thomas Patterson Named

President-General Manager

Of Coastal Iron Works

Thomas Patterson

Thomas L. Patterson has been promoted from vice president to president and general manager of

Coastal Iron Works, Inc. of Corpus

Christi, Texas. Youngest son of one of the company's founders and long-time presidents, Mr. Patter- son joined Coastal in 1965, and was named secretary-treasurer in 1969 and vice president in 1971.

He is a graduate of the University of Texas at Austin.

Coastal Iron Works is a diversi- fied, 35-year-old corporation with three divisions: the Marine De- partment, which repairs oceango- ing vessels at dockside; the Ship- yard Division, which builds and repairs all types of tugs, barges, crewboats, and supply vessels; and the Industrial Division and Ma- chine Shop, which performs indus- trial and marine repairs. The ship- yard recently christened the Mr.

Pat, a 200- by 90-foot steel float- ing drydock, the largest south of the Freeport-Galveston area.

James Company Offers

Data Sheet Describing

Self-Lubricated Bearings

The Allan P. James Company of

Paramount, Calif., has available a free, six-page data sheet to assist the engineer and purchasing agent when specifying and procuring self- lubricated bearings. Complete technical data detailing the chem- ical and physical properties, with comparative specifications for each alloy and Lubron lubricant, is provided.

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