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ALCO STANDARD TO ACQUIRE ABITIBI-PRICE'S PAPER DISTRIBUTION COMPANIES

ALCO STANDARD TO ACQUIRE ABITIBI-PRICE'S PAPER DISTRIBUTION COMPANIES
 VALLEY FORGE, Pa., May 19 /PRNewswire/ -- Alco Standard Corporation (NYSE: ASN) and Abitibi-Price Inc. (NYSE: ABY) announced today that the boards of directors of both companies approved an agreement for the purchase by Alco Standard of the assets of Inter City Papers, Barber-Ellis Fine Papers, Price Daxion and Whitaker Carpenter Paper Company, Abitibi-Price's paper distribution businesses. The purchase price is U.S. $282 million.
 For the calendar year ended Dec. 31, 1991, revenues for the companies being acquired were U.S. $765 million. Completion of the transaction is subject to the usual investigations by the purchaser and completion of customary documentation.
 Ray B. Mundt, chairman and chief executive officer of Alco Standard, said, "We are extremely pleased that these strong companies will be joining Paper Corporation of America, our network of printing and industrial paper distribution companies in the United States and Canada. Inter City and Barber-Ellis are outstanding printing paper distributors with operations throughout Canada. Price Daxion is the largest industrial paper distributor in Canada. Whitaker Carpenter is an excellent printing paper distributor in the Chicago area. We expect that each of these companies will continue to operate at existing locations under the direction of current management.
 "As a result of this acquisition, annual revenues of Paper Corporation of America will approach $4.5 billion, our presence in the increasingly important Canadian market will expand, and our ability to provide outstanding service to a growing customer base will increase significantly. Furthermore, this acquisition signals our commitment to maintain PCA's status as the premier printing and industrial paper distributor in North America."
 Alco Standard Corporation, headquartered in Valley Forge, is a publicly owned distribution and services company. For its fiscal year ended Sept. 30, 1991, revenues were $4.8 billion.
 /delval/
 -0- 5/19/92
 /CONTACT: David B. Kirkland of Alco Standard, 215-296-8000, or at home, 215-542-9025/
 (ASN ABY) CO: Alco Standard Corporation; Abitibi-Price Inc.; Inter City Papers ST: Pennsylvania IN: SU: TNM


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Publication:PR Newswire
Date:May 19, 1992
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