Bergen Completes Sale of 2nd Drain on Profits
The nation’s largest drugstore chain said Monday that it has completed its acquisition of Bergen Brunswig Corp.’s Stadtlander Pharmacy unit for $124 million.
The sale of the Pittsburgh unit of CVS Corp. in Woonsocket, R.I., removes the second of two units that have dragged down the earnings of Bergen, an Orange-based distributor of drugs and medical products. Bergen recently sold its PharMerica unit, a supplier of pharmacy services to nursing homes.
For the record:
12:00 a.m. Sept. 20, 2000 For the Record
Los Angeles Times Wednesday September 20, 2000 Orange County Edition Business Part C Page 4 Financial Desk 1 inches; 28 words Type of Material: Correction
PharMerica unit--A story Tuesday misstated the status of the PharMerica unit of Bergen Brunswig Corp., the Orange-based distributor of drugs and medical products. Bergen still owns PharMerica.
Bergen said previously that it plans to use proceeds from the transactions to reduce $1.25 billion in long-term debt.
