ATLANTA - A top plastics packaging official at James River Corp. said reports about the company spinning off its packaging operations were wrong. ``The reports about the spin-off were erroneous,'' said Richard Lee, senior vice president. ``It is public knowledge that we have been interested in spinning off some of the paper side.''
Lee, in an interview at Packaging Strategies '95 in Atlanta, declined to discuss the spinoff plans.
The Wall Street Journal and other publications reported last month that Richmond, Va.-based James River had hired Merrill Lynch & Co. of New York to advise and assist the company in developing strategic alternatives for the food and consumer packaging business.
Lee said no plastics-related functions were currently involved in ongoing assessments of options for its specialty papers operations.
James River, with 1994 total sales of $5.4 billion, generated sales of about $1.3 billion last year from its flexible and paperboard packaging business, including about $300 million from plastic film packaging and film conversion, the company said.