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BAXTER TO REDEEM PREFERRED STOCK; BOARD RAISES DIVIDEND ON COMMON STOCK 16.2 PERCENT; NEW DIRECTOR, OFFICER PROMOTIONS APPROVED

 BAXTER TO REDEEM PREFERRED STOCK; BOARD RAISES DIVIDEND ON COMMON
 STOCK 16.2 PERCENT; NEW DIRECTOR, OFFICER PROMOTIONS APPROVED
 DEERFIELD, Ill., Feb. 17 /PRNewswire/ -- Baxter's board of directors today voted to redeem the company's preferred stock and to raise the dividend on the company's common stock by 16.2 percent. The board also named David C.K. Chin, M.D., as a new director of the company, and approved new assignments for three senior staff officers.
 Baxter (NYSE: BAXPRA) will redeem all outstanding shares of its adjustable rate preferred stock on April 1, 1992, for $50 a share plus the regular quarterly dividend of 78.75 cents per share, which Baxter's board declared today. The dividends on the preferred stock, which are payable April 1, 1992, to stockholders of record on March 11, 1992, will cease to accrue on April 1, 1992. The company has approximately 6.8 million shares of the preferred stock outstanding. First Chicago Trust Company of New York is the redemption agent.
 With the redemption of the adjustable rate preferred stock, Baxter will have no outstanding class of preferred stock. In November 1990, the company redeemed its cumulative convertible exchangeable preferred stock for $52.27 a share. Both classes of preferred stock were issued in 1985 in conjunction with Baxter's merger with American Hospital Supply Corporation.
 The company's board also voted to increase the quarterly dividend on Baxter's common stock (NYSE: BAX) 16.2 percent to 21.5 cents per share from 18.5 cents per share. This is the 37th consecutive year the company has increased the dividend on its common shares. The regular quarterly dividend No. 227 is payable April 1, 1992, to stockholders of record on March 11, 1992. The dividend was last increased in February 1991.
 Dr. David C.K. Chin was named a new director of Baxter by the company's board. Dr. Chin, 42, is an instructor in medicine at the Harvard Community Health Plan in Boston, and a member of the medical staff at Boston's Medford Health Center. Chin also holds posts at Beth Israel Hospital and Brigham and Women's Hospital in Boston, Lawrence Memorial Hospital of Medford, Massachusetts, and Malden Hospital in Malden, Mass. He holds a bachelor's degree from Harvard College, a doctor of medicine from Harvard Medical School, and a masters in business administration from Stanford University.
 Baxter's board also approved promotions for three of the company's senior officers. Thomas W. Hodson, 45, formerly senior vice president responsible for strategic planning, corporate development and communications, has been named group vice president responsible for strategic planning and new business development for Baxter's alternate-site businesses. Senior Vice President Anthony J. Rucci, 41, has assumed responsibility for Baxter's strategic planning, corporate development and communications functions. Rucci formerly was responsible for Baxter's human resources function. Barbara Young Morris,


46, was promoted from corporate vice president and treasurer to senior vice president responsible for human resources. A new treasurer will be named soon. Baxter International is the leading worldwide manufacturer and marketer of health-care products, systems and services. It offers 120,000 products to health-care providers in 100 countries. The company reported record revenues of $8.9 billion in 1991.
 -0- 2/17/92
 /CONTACT: Geoffrey D. Fenton of Baxter, 708-948-3436/
 (BAXPRA,BAX) CO: Baxter ST: Illinois IN: MTC SU: DIV PER


XX -- NY024 -- 3892 02/17/92 16:06 EST
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Date:Feb 17, 1992
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