BINDLEY WESTERN CONCLUDES ACQUISITION OF J.E. GOOLD & CO.
BINDLEY WESTERN CONCLUDES ACQUISITION OF J.E. GOOLD & CO. INDIANAPOLIS, March 25 /PRNewswire/ -- Bindley Western Industries, Inc. (NASDAQ: BIND) announced today that it had concluded the previously announced acquisition of J.E. Goold & Co., a 125-year old Portland, Maine-based distributor of pharmaceuticals and related products. Bindley Western Chairman and CEO William E. Bindley said the acquisition was accomplished by acquiring all of the outstanding stock of Goold in exchange for 91,880 shares of Bindley Western common stock and 1,050 shares of Bindley Western non-voting preferred stock. Goold will be merged into Bindley Western Industries and operated as the J.E. Goold division of Bindley Western. Bindley indicated that the Bindley Western common stock that was issued in connection with the transaction was treasury stock which had been repurchased by the company in open market transactions in previous years. The Goold acquisition is expected to have a modestly accretive effect on Bindley Western's 1992 fully diluted earnings per share. The Goold operation, which will be headed by President John Campbell, a long-term Goold executive and registered pharmacist, services more than 1,200 active accounts in Maine, New Hampshire, Vermont, Massachusetts and New York and had sales of approximately $180 million in 1991. Indianapolis-based Bindley Western, with 1991 revenues of $2.4 billion, is one of the largest drug wholesalers in the United States, specializing in the distribution of ethical pharmaceuticals and related products. The firm serves customers in 39 states through distribution centers in Atlanta, Brockton, Maine; Charlotte, N.C.; Dallas, Houston, Indianapolis, Middletown, Pa.; Orlando, Fla.; Phoenix, Ariz.; San Dimas, Calif., and Stamford, Conn. -0- 3/25/92 /CONTACT: Sue Goebel of Bindley Western Industries, Inc. 317-298-9900/ (BIND) CO: Bindley Western Industries, Inc. ST: Indiana IN: REA SU: TNM
KK -- CL013 -- 1493 03/25/92 11:50 EST
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|Date:||Mar 25, 1992|
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