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JOHNSON & JOHNSON WILL REPURCHASE UP TO $500 MILLION OF ITS STOCK

 JOHNSON & JOHNSON WILL REPURCHASE UP TO $500 MILLION OF ITS STOCK
 NEW BRUNSWICK, N.J., March 31 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) announced today that its board of directors had authorized a stock repurchase program under which the company intends to repurchase up to $500 million of its outstanding common stock for general corporate purposes. The company plans to accomplish the repurchase program in open market transactions over the next several months through Salomon Brothers Inc. Johnson & Johnson has repurchased approximately 54 million shares for general corporate purposes since 1984 at a cost of $1.6 billion. The company has approximately 333 million shares currently outstanding.
 Commenting on the announcement, Ralph S. Larsen, chairman and chief executive officer, stated, "In 1992 Johnson & Johnson will invest more than $1.1 billion in research and development towards a steady flow of new and innovative health care products. We view this repurchase program as a further investment in our future and a reflection of our confidence in the long term growth of our business."
 Johnson & Johnson, with over 82,000 employees, is the world's largest and most comprehensive manufacturer of health care products serving the consumer, pharmaceutical and professional markets. Johnson & Johnson has 166 operating companies in 52 countries around the world, selling products in more than 150 countries. Sales in 1991 were $12.45 billion and net income exceeded $1.4 billion. The return on average stockholders' equity was 27.8 percent.
 -0- 3/31/92
 /CONTACT: F. Robert Kniffin, 908-524-3535, or (home) 609-799-0369, or Clarence E. Lockett, 908-524-6491, or (home) 215-493-0757, both of Johnson & Johnson/
 (JNJ) CO: Johnson & Johnson ST: New Jersey IN: MTC SU:


TS -- NY015 -- 3241 03/31/92 08:59 EST
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Publication:PR Newswire
Date:Mar 31, 1992
Words:283
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