MEMO: WESTVACO CORP. ANNOUNCES RECORD SALES FOR QUARTER

Westvaco Corp. of New York, a major manufacturer of paper, packaging and chemicals, has announced record sales and earnings for its third quarter.

The company, which has a fine paper mill at Wickliffe, Ky., also announced a 3-for-2 stock split and a 20 percent increase in Westvaco's quarterly dividend on common stock.

Third-quarter sales were a record $855 million, 33 percent above sales for the third quarter of 1994. Earnings were a record $78 million, or 77 cents per share of common stock.

Sales for the first nine months were $2.2 billion, up 30 percent from last year. Earnings for the nine-month period were $192 million, or $1.90 per share. The payment of an increased dividend marks Westvaco's 400th consecutive quarterly cash dividend. The 100-year record is one of the longest periods of consecutive quarterly cash dividend payments among companies listed on the New York Stock Exchange.