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FOXMEYER ANNOUNCES REPURCHASE PROGRAM FOR COMMON STOCK

 FOXMEYER ANNOUNCES REPURCHASE PROGRAM FOR COMMON STOCK
 DALLAS, April 23 /PRNewswire/ -- FoxMeyer Corporation (NYSE: FOX)


today announced that its board of directors has authorized the repurchase of up to 1.5 million shares, or 4.8 percent, of the company's common stock. Repurchases will be in open market or privately negotiated repurchases as the company may determine from time to time, according to Robert L. King, president and chief executive officer.
 FoxMeyer is the third-largest drug distribution company in the United States, providing pharmaceuticals, over-the-counter drugs and health and beauty aids to customers in 37 states. The Dallas-based company serves independent and chain pharmacies, mass merchandisers, hospitals and other health care institutions.
 "We believe FoxMeyer's stock is an attractive investment opportunity for us at current price levels, given our progress in improving sales and earnings, and the potential for added growth with our agreement to acquire The Harris Companies," King said. "We believe Harris will add to FoxMeyer's momentum and further secure our position as a major factor in the pharmaceutical distribution industry."
 Harris is the nation's seventh-largest drug distributor and is headquartered in Cleveland. The trade areas for the two companies cover all of the United States excepto be a positive contributor to earnings in succeeding years.
 FoxMeyer recorded sales of $2.9 billion for the year ended March 31, 1991; for the first nine months of the current year, FoxMeyer's sales were $2.24 billion. Harris' sales for the year ended Dec. 31, 1991, were approximately $720 million. Completion of the sale is subject to compliance with the Hart-Scott-Rodino Antitrust Improvement Act and other customary conditions.
 -0- 4/23/92
 /CONTACT: J. Warren Henry of FoxMeyer Corporation, 214-446-4270/
 (FOX) CO: FoxMeyer Corporation ST: Texas IN: MTC SU:


TQ -- NY124 -- 2090 04/23/92 16:12 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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