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S.C. JOHNSON COMPLETES ACQUISITION OF BRISTOL-MYERS SUBSIDIARY

 NEW YORK and RACINE, Wis., Dec. 31 /PRNewswire/ -- S.C. Johnson and Son, Inc., commonly known as SC Johnson Wax, has completed the acquisition of The Drackett Company, a Bristol-Myers Squibb Company (NYSE: BMY) subsidiary, it was announced today by the two companies. The acquisition price is $1.15 billion in cash.
 "This acquisition meets our long-term strategy to build our existing household products business," said Richard M. Carpenter, president and chief executive officer of SC Johnson Wax. "One of our objectives has been to focus on our core businesses in North America. This acquisition is an excellent fit with this strategic direction and additionally offers great growth opportunities through our strong international network. The key Drackett products bring us immediate strengths in multiple home care businesses."
 "Although Drackett has made many contributions to our growth and success, the household products business no longer fits the strategic direction of Bristol-Myers Squibb, which is increasingly focused on health and personal care products," said Richard L. Gelb, chairman and chief executive officer of Bristol-Myers Squibb Company. Mr. Gelb also noted that Bristol-Myers Squibb's commitment to its existing worldwide health and consumer personal care products businesses remains firm.
 Drackett, headquartered in Cincinnati, is a leading household products company. Its brands include Windex (R) glass cleaners, Vanish (R) toilet bowl cleaners, Drano (R) drain openers, Renuzit (R) air fresheners, Endust (R) dusting and cleaning sprays, Behold (R) furniture polishes, O-Cedar (R) handle goods, and Mr. Muscle (R) hard surface cleaners.
 SC Johnson Wax plans to divest Drackett's consumer furniture care and air freshener brands including Renuzit, Endust and Behold, which are product lines in which SC Johnson Wax already has a strong market presence.
 Founded in 1910 by Philip Drackett as a distributor of bulk industrial chemicals, Drackett became a consumer products company in 1923 with the introduction of Drano, which soon became the leading drain opener. Windex was launched in 1935, creating the glass cleaner category in North America, and continues to be the market leader after 57 years. Vanish, Endust and O-Cedar were acquired from other companies in the 1950's. The Renuzit line was acquired in 1969.
 The Drackett Company has been a part of Bristol-Myers Squibb since 1965. It employs 1600 people at facilities in the U.S. and Canada.
 SC Johnson Wax, headquartered in Racine is a worldwide leader in home care and insect control products and markets such consumer brands as Pledge (R), Favor (R), Future (R), Glade (R), Shout (R), Raid (R), OFF! (R) and Edge (R). Johnson also is a leading supplier of products and services for commercial, industrial and institutional facilities. The 106-year-old privately held company employs about 13,000 persons in 46 countries.
 Bristol-Myers Squibb is a diversified, research-based health care company whose principal businesses are pharmaceuticals, consumer products, nutritionals and medical devices.
 -0- 12/31/92
 /CONTACT: Jerry Parrott of Bristol-Myers Squibb Company, 212-546-4333, or Jim May or JoAnne Brandes of S.C. Johnson & Son, Inc., 414-631-2000/
 (BMY)


CO: Bristol-Myers Squibb Co.; S.C. Johnson and Son, Inc. ST: New York, Wisconsin IN: HOU SU: TNM

AH -- NY013 -- 0893 12/31/92 11:52 EST
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Date:Dec 31, 1992
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