Reynolds Metals Co

Nestle USA Inc. in Glendale is negotiating to buy Eskimo Pie Corp. from Reynolds Metals Co., which owns 84% of the ice cream company. Potential terms were not disclosed. Reynolds, the nation's second-largest aluminum concern and the maker of such consumer products as Reynolds Wrap foil, said it wants to sell Eskimo Pie to focus only on aluminum and related businesses. Both Reynolds, which had sales of $6.1 billion last year, and Eskimo Pie are based in Richmond, Va.

Reynolds Metals Co. announced Monday that it has signed a $1.1-billion loan agreement designed to refinance two major term loans as part of an ongoing cost-reduction program. The company also said it is calling for redemption on Jan. 4 of all of its outstanding first mortgage bonds. The bonds will be redeemed with general corporate funds.

Reynolds Metals Co. executives say the resealable aluminum Reylock can the company will introduce today will be the biggest entry in the highly competitive container field since the pop-top. "The Reylock can represents the first totally recyclable large beverage container over 12 ounces specifically designed for the soft-drink market," said Robert D. O'Donnell, can division chief.