Reynolds Metals Co.

	'96 (in $ 000s)	% Change From '95
Revenue	7,016,000	(3.3)
Net Income	108,000	(72.2)
Rank Last Year: 2

Description:
Reynolds Metals is the world's third-largest manufacturer of aluminum products, including beverage cans, 20 billion of which the company produced in 1996. Reynolds also makes a variety of plastic and aluminum packaging goods, such as foil wrap for food preservation. And, for the time being, the company plays a major role in supplying structural pieces for the automotive and construction industries. The qualifier is needed because Reynolds is in the midst of a major reorganization that will lead to the divestiture of a number of its current businesses.

Business Resume: Contact Info -- 6601 W. Broad St. Richmond, Va. 23230 804-281-2000 Main Business -- Manufacturing--aluminum Founded -- 1919 Chairperson -- Jeremiah J. Sheehan (CEO) Employees -- 30,000 D.C.-Area Employees -- 0

Developments:
Reynolds, in a bid to boost slumping profits, launched a major reorganization campaign on April 1. The goal is to consolidate the company's 20 operating groups into six global business units—cans, packaging and consumer products, construction and distribution, transportation, metals and carbon products, and raw materials.

As is the case in many reorganizations, the shift at Reynolds will involve the sale or spinoffs of several existing businesses—and a flurry of pink slips. The company began cutting 1,000 jobs last year. It plans to cut even deeper into its remaining 30,000-member work force as the reorganization continues.

Earlier this month, Reynolds signed a letter of intent to sell plants in Illinois and Virginia to Kaiser Aluminum and Chemical Corp. Details of further divestments and job cuts will be available later this year, company officials said.

Reynolds last year sold its U.S. residential construction products business to AmeriMark Inc. for about $240 million.