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BRISTOL-MYERS SQUIBB & REMINGTON PRODUCTS ANNOUNCE DEFINITIVE AGREEMENT

 NEW YORK, Nov. 3 /PRNewswire/ -- Bristol-Myers Squibb Company (NYSE: BMY) and Remington Products Company today announced that they have reached a definitive agreement under which Remington will purchase the Appliance Division of Clairol Incorporated. Clairol Incorporated is a wholly-owned subsidiary of Bristol-Myers Squibb. The closing of the sale is expected to occur during the fourth quarter of 1993.
 In making the announcement, Bristol-Myers Squibb said that its commitment to its existing worldwide health and consumer personal care products businesses remains firm.
 "Although the Appliance Division has played a role in the overall performance of Clairol, the divestiture will enable Clairol to focus its resources on the haircolor and hair care markets where it is best positioned to achieve long-term growth," said Stephen I. Sadove, president of Clairol.
 "We are pleased that Remington Products is able to join with Clairol Appliances in an effort to market outstanding products to consumers throughout the world. Clairol Appliances' management team is excellent. The combined company will be a powerful competitive force in our industry. We will provide quality merchandise worldwide which will lead to dramatic growth," said Victor K. Kiam, II, chairman and chief executive officer of Remington Products Company.
 Both Remington and Clairol have agreed to work together to affect an orderly transition from doing business under the Clairol brand name to under the Remington brand name.
 The Appliance Division, headquartered in Stamford, Conn., is a leading international personal care appliance company marketing a number of well-known consumer brands, including Style Setter(R) Aqua-Curl(R) Swing Setter(R) heated rollers, True to Light(R) mirrors and Son of a Gun(R) and Big Shot(R) hand-held hairdryers.
 The Division has been part of Clairol since the late 1960s. It employs approximately 80 people at various locations worldwide.
 Remington, a leading global consumer products company which manufactures and markets electric shavers and personal care and related products under the brand names Remington(R) and Lady Remington(R), is a privately-held company and is headquartered in Bridgeport, Conn. It employs approximately 1,800 people worldwide.
 Bristol-Myers Squibb is a research-based, diversified health care company whose principal businesses are pharmaceuticals, consumer products, nutritionals and medical devices.
 -0- 11/3/93
 /CONTACT: Anthony Carter, 212-546-4339, or Nancy Coleman-Abrams, 212-546-4335, both of Bristol-Myers Squibb Company; or Dorothy Crenshaw, 212-546-2691, or Mike Maney, 212-546-1547, both of GCI Group/
 (BMY)


CO: Bristol-Myers Squibb Company; Remington Products Company ST: New York, Connecticut IN: HOU MTC SU:

PS -- NY039 -- 0070 11/03/93 10:52 EST
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Publication:PR Newswire
Date:Nov 3, 1993
Words:414
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