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OWENS & MINOR ANNOUNCES AGREEMENT TO SELL WHOLESALE DRUG BUSINESS

 OWENS & MINOR ANNOUNCES AGREEMENT TO SELL WHOLESALE DRUG BUSINESS
 RICHMOND, Va., Jan. 17 /PRNewswire/ -- Owens & Minor, Inc. (NYSE: OMI) announced today that it has entered into a definitive agreement with Bergen Brunswig Corporation (AMEX: BBC) to sell the net assets of its wholesale drug business located in Richmond and Norfolk, Va., and Wilson, N.C., but not including Ft. Lauderdale, Fla. Bergen Brunswig Corporation is the second largest wholesale drug company in the country. Through the nine month period ended Sept. 30, 1991, Owens & Minor's wholesale drug segment represented 22.3 percent of total sales and 11.1 percent of total operating profit of the Company. The exact terms of the agreement were not disclosed, but it is expected the transaction consideration will approximate $50 million and will be payable in cash at the closing which is planned for Feb. 29, 1992. Consummation of the agreement is subject to normal and customary regulatory filings.
 G. Gilmer Minor, III, President and CEO of Owens & Minor, Inc., stated: "This is a very significant strategic decision for the company. It is also an emotional decision as well. The drug distribution business was the basis on which the Company was founded 110 years ago. We feel Bergen Brunswig will continue to provide the quality of service our customers have come to expect. In recent years our medical/surgical business has been the largest segment and primary source of company growth and profits. When the sale is completed, we will be able to clearly focus on expanding our leadership position in the medical/surgical distribution business. This focus, and the increased financial flexibility will allow us to accelerate our growth in the medical/surgical sector and enhance our customer service quality and cost efficiency. With the sale of the drug business, one era ends and another begins. The traditional values and character of the Company will remain as we enter this new and exciting time."
 Owens & Minor, Inc. is a wholesale distributor of medical and surgical supplies, pharmaceuticals and other related products. Through its Vanguard Labs subsidiary, the company also packages generic and brand name pharmaceuticals. Owens & Minor, Inc. is traded on the New York Stock Exchange under the symbol OMI.
 -0- 1/17/92
 /CONTACT: Glenn J. Dozier, Senior Vice President, Operations and Systems, Chief Financial Officer, Owens & Minor, Inc., 804-965-2945/
 (OMI BBC)) CO: Owens & Minor, Inc.; Bergen Brunswig Corporation ST: Virginia IN: MTC SU: TNM


DF -- CH001 -- 0851 01/17/92 08:30 EST
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Publication:PR Newswire
Date:Jan 17, 1992
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