Fort James Corp., Deerfield, Ill., announced the sale of its packaging business for $830 million to ACX Technologies, Golden, Colo., in a move CEO Miles Marsh said will let Fort James focus more on its consumer brands, including Brawny paper towels, Dixie tableware and Quilted Northern bath tissue. Fort James initially is using $500 million to buy back stock, but the remainder could be used to boost marketing or for acquisitions. DDB
Needham Worldwide, New York, handles Fort James' brands, which have received increased marketing support in the past three years.
Copyright April 1999, Crain Communications Inc.