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FOXMEYER SIGNS LONG-TERM AGREEMENT WITH PERRY DRUGS; DISTRIBUTOR TO SERVE MICHIGAN'S LARGEST DRUGSTORE CHAIN

 FOXMEYER SIGNS LONG-TERM AGREEMENT WITH PERRY DRUGS;
 DISTRIBUTOR TO SERVE MICHIGAN'S LARGEST DRUGSTORE CHAIN
 DALLAS, July 28 /PRNewswire/ -- FoxMeyer Corporation (NYSE: FOX) has signed a five-year agreement to serve as primary supplier of pharmaceuticals and related products to Perry Drug Stores, Inc., Michigan's largest drugstore chain. The agreement is expected to boost FoxMeyer's sales by approximately $1.6 billion over the length of the contract, which will be effective in September.
 FoxMeyer is the nation's third largest pharmaceutical distributor, with record sales of $3.1 billion for the year ended March 31, 1992. In May the company completed the acquisition of Harris Wholesale Company, which at that time was the seventh largest drug distributor in the United States, with sales of $720 million.
 Perry operates 206 drug stores throughout Michigan and, based on the number of stores, is the fourteenth largest drug store chain in the United States. The company recorded sales of $640.8 million for the year ended Oct. 31, 1991; in the first half of its current fiscal year, Perry reported sales of $338.3 million, a 7.2 percent increase over sales in the previous year's first half. Pharmaceutical products are the company's fastest growing sales segment.
 "We are excited to be serving Perry. The company has a very strong reputation for customer service, which we believe is responsible for its strong turnaround and growth in recent years," King said. "This agreement is another example of FoxMeyer's strategy to form strategic partnerships with leading pharmacy retailers. We are working with our customers to reduce the costs of pharmaceutical distribution, and thus increase their ability to enhance value and service to consumers. We are growing together."
 Perry is headquartered in Pontiac, Mich. The company's stores serve the major metropolitan areas of Detroit, Flint, Grand Rapids, Saginaw- Midland-Bay City, as well as northern Michigan.
 -0- 7/28/92
 /CONTACT: J. Warren Henry of FoxMeyer, 214-446-4270/
 (FOX) CO: FoxMeyer Corporation ST: Texas IN: MTC SU:


SH -- NY026 -- 3971 07/28/92 10:31 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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