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ABBOTT TAX EXPENSE TO BE UP $50 MILLION IN 1994

 ABBOTT PARK, Ill., Aug. 9 /PRNewswire/ -- Abbott Laboratories said today that the estimated net effect of tax changes included in President Clinton's economic package will mean an increase in the company's 1994 tax expense of approximately $50 million.
 "Net earnings which otherwise might be expected to be reported for 1994 will be impacted by this additional expense," said Duane L. Burnham, chairman and chief executive officer.
 The primary tax changes that will affect Abbott are an increase in the corporate rate, significant reductions in tax incentives that encouraged operations in Puerto Rico, and a research and development tax credit that will offset a portion of the increases. "We expect that there will be no significant impact on the company's 1993 tax expense," Burnham said.
 Abbott Laboratories is a worldwide manufacturer of health care products employing 49,000 people. In 1992, the company's sales and net earnings were $7.9 billion and $1.2 billion, respectively, with earnings per share of $1.47.
 -0- 8/9/93
 /CONTACT: Donald B. Braakman of Abbott Laboratories, 708-937-1237/
 (ABT)


CO: Abbott Laboratories ST: Illinois IN: MTC SU:

MP -- NY044 -- 0716 08/09/93 11:26 EDT
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Publication:PR Newswire
Date:Aug 9, 1993
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