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HARRIS WHSLE.'s ACQUISITION OF NARCO DRUG AND PROVIDENCE WHSLRS

Executive Summary

HARRIS WHSLE.'s ACQUISITION OF NARCO DRUG AND PROVIDENCE WHSLRS. will add over $100 mil. in annual sales to the Cleveland, Ohio-based drug whslr.'s operations. Harris announced the acquisitions within a day of each other on July 11 and July 12. Specific terms of either purchase were not disclosed. The acquisition of St. Louis, Missouri-based Narco, with annual sales of approximately $50 mil., and Providence, R.I.-based Providence Whslrs., with sales of roughly $60 mil., gives Harris its eighth and ninth distribution centers in the U.S. Currently, Harris operates facilities in Cleveland, Atlanta, Pittsburgh and Greenville, Pa., in addition to two in Miami, and one in Lakeland, Florida. A privately held company, Harris claims that it is the sixth largest drug whslr. in the U.S., and the largest drug whslr. still privately owned. As consolidation in the whsle. drug industry has accelerated over the last three years, Harris has attempted to keep pace with the rapid external expansion of large publicly held firms such as McKesson, Bergen Brunswig, Alco Health Services, and FoxMeyer. Providence Whslrs. offers Harris its first entry into the New England market, while Narco extends the firm's reach west to the Mississippi. Since late in 1984, Harris will have added four distribution centers to its operation with annual sales volume of approximately $150 mil. The firm announced in November that it had purchased Yahr-Lange's Crandon Drug div. from FoxMeyer, giving Harris another distribution center in Miami and one in Lakeland, Fla. ("The Pink Sheet" Dec. 3 1984 T&G-1).

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