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UPJOHN TO ADOPT ACCOUNTING CHANGES IN FOURTH QUARTER

 KALAMAZOO, Mich., Dec. 28 /PRNewswire/ -- The Upjohn Company (NYSE: UPJ) announced today that it will adopt two new Financial Accounting Standards Board (FASB) statements in the fourth quarter of 1992. Adoption of the statements, on post-retirement benefits other than pensions (FASB 106) and income taxes (FASB 109), will result in a net cumulative transition adjustment which will reduce reported net earnings approximately $224 million after tax, or $1.26 per share.
 These adjustments will be included in the financial statements for the year ended Dec. 31, 1992, as the cumulative effect of accounting changes resulting from the transition to the new accounting rules. The changes will be effective Jan. 1, 1992, and the previously reported quarterly results for 1992 will be restated to reflect the impact on operating results. The incremental charges are non-cash items.
 The adoption of FASB 106 for medical, dental and life insurance benefits provided to U.S. employees, retirees and their beneficiaries will result in a transition liability of $378 million and an after-tax transition expense of $237 million, or $1.33 per share.
 The adoption of FASB 109 (income taxes) will result in a transition adjustment benefit of approximately $13 million, or 7 cents per share.
 The Upjohn Company is a worldwide, research-based provider of human healthcare products, animal health products, agronomic and vegetable seeds and specialty chemicals. Headquartered in Kalamazoo, the company has been dedicated to improving health and nutrition for more than a century.
 -0- 12/28/92
 /CONTACT: John P. Lambrechts of The Upjohn Company, 616-323-7076/
 (UPJ)


CO: The Upjohn Company ST: Michigan IN: MTC SU:

KE -- DE009 -- 0065 12/28/92 12:38 EST
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Publication:PR Newswire
Date:Dec 28, 1992
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