
     


                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549



                             FORM 8-K

        Current Report Pursuant to Section 13 or 15(d) of
               The Securities Exchange Act of 1934



        Date of Report (Date of earliest event reported):
                          April 30, 1998



                       THE PITTSTON COMPANY

      (Exact Name of registrant as specified in its charter)






    Virginia               1-9148            54-1317776
 (State or other        (Commission       (I.R.S. Employer
  jurisdiction          File Number)     Identification No.)
of Incorporation)




1000 Virginia Center Parkway
P.O. Box 4229
Glen Allen, VA                               23058-4229
(Address of principal                        (Zip Code)
executive offices)


                          (804) 553-3600
       (Registrant's telephone number, including area code)
<PAGE>

      Item 2.  Acquisition or Disposition of Assets
      
     
               On April 30, 1998, the Registrant's wholly-owned
     subsidiary, BAX Global Inc. ("BAX Global"), the operating
     unit of the Pittston BAX Group (formerly the Pittston
     Burlington Group), completed its previously announced
     acquisition of Air Transport International LLC ("ATI") for
     total consideration of approximately $29 million; including
     approximately $27 million in cash and cash equivalents and
     approximately $2 million in acquisition related costs. The
     purchase price was established through arms-length
     negotiations among the parties. The acquisition was funded
     through the Registrant's existing revolving credit agreement
     with a syndicate of banks. 
     
          ATI is a US-based freight and passenger airline which
     operates a certificated fleet of aircraft providing services
     to BAX Global along with other customers. A significant
     portion of acquired property, plant and equipment of ATI
     consists of aircraft and related parts used to operate the
     fleet. As a subsidiary of BAX Global, ATI will continue to
     operate this fleet. BAX Global will continue its business
     relationship with ATI in connection with its overall
     strategy to improve the quality of its service offerings for
     its customers by increasing its control over flight
     operations. 
     
     Item 7.   Financial Statements and Exhibits
     
          (a)  Financial statements of ATI 
     
               Because definitive financial statements for ATI's
               last completed fiscal year have not yet been
               finalized, the Registrant has not yet determined
               whether ATI is a significant subsidiary, as
               defined by the Securities and Exchange Commission
               Regulation S-X, Rule 1-02(w). If it is determined
               that ATI is a significant subsidiary, such
               statements will be filed under cover of Form 8-K/A
               not later than July 13, 1998.
     
          (b)  Pro forma financial statements for BAX Global Inc.
     
               Because definitive financial statements for ATI's
               last completed fiscal year have not yet been
               finalized, the Registrant has not yet determined
               whether ATI is a significant subsidiary, as
               defined by the Securities and Exchange Commission
               Regulation S-X, Rule 1-02(w). If it is determined
               that ATI is a significant subsidiary, pro forma
               financial statements will be filed under cover of
               Form 8-K/A not later than July 13, 1998.
     
          (c)  Index of Exhibits
 
<PAGE>    
               2.   Membership Interest Acquisition Agreement
                    Among Air Transport International Limited
                    Liability Company and BAX Global Inc., dated
                    February 3, 1998. 
     
                          SIGNATURE
     
               Pursuant to the requirements of the Securities
     Exchange Act of 1934, the registrant has duly caused this
     report to be signed on its behalf by the undersigned
     hereunto duly authorized.
     
                                   THE PITTSTON COMPANY
                                       (Registrant)
     
     
                                   By /s/ Austin F. Reed        
                                            Secretary 
     
     Date: May 14, 1998 
     <PAGE>

                                     EXHIBITS
     
     
     
     
     Exhibit        Description                        
     
     2              Membership Interest Acquisition Agreement
                    Among Air Transport International Limited
                    Liability Company and BAX Global Inc., dated
                    February 3, 1998. 
     
     