<PAGE>1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the Securities Exchange Act of 1934
----------------------------------------------------------------
For the fiscal year ended December 31, 1996
Commission File No. 0-14139
A: Full title of the Plan:
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
B: Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
VWR SCIENTIFIC PRODUCTS CORPORATION
Goshen Corporate Park West
1310 Goshen Parkway
West Chester, PA 19380
<PAGE>2
REQUIRED INFORMATION
--------------------
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
Financial Statements, Supplemental Schedules, and Exhibit
December 31, 1996
Financial Statements and Supplemental Schedules PAGE
Report of Independent Auditors............................................ 4
Statements of Net Assets Available for Benefits........................... 5
Statements of Changes in Net Assets Available for Benefits .............. 6
Notes to Financial Statements............................................. 7
Supplemental Schedules
Line 27a--Schedule of Assets Held For Investment Purposes............... 14
Line 27d--Schedule of Reportable Transactions........................... 16
Exhibit
Consent of Independent Auditors........................................... 17
<PAGE>3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
VWR SCIENTIFIC PRODUCTS CORPORATION
---------------------------------
(Registrant)
Date: June 30, 1997 BY (SIGNATURE)
David M. Bronson
Senior Vice President and Chief
Financial Officer
(Principal Financial and Accounting Officer)
<PAGE>4
REPORT OF INDEPENDENT AUDITORS
VWR Scientific Products Pension Plan Committee
VWR Scientific Products Corporation Inve$tor Tax Savings Plan
We have audited the accompanying statements of net assets available for
benefits of the VWR Scientific Products Corporation Inve$tor Tax Savings
Plan (the Plan) as of December 31, 1996 and 1995, and the related
statements of changes in net assets available for benefits for the years
then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Plan
at December 31, 1996 and 1995, and the changes in its net assets available
for benefits for the years then ended, in conformity with generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying supplemental
schedules of assets held for investment purposes as of December 31, 1996,
and of reportable transactions for the year then ended, are presented for
purposes of complying with the Department of Labor's Rules and Regulations
for Reporting and Disclosure under the Employee Retirement Income Security
Act of 1974, and are not a required part of the financial statements. The
supplemental schedules have been subjected to the auditing procedures
applied in our audits of the financial statements and, in our opinion, are
fairly stated in all material respects in relation to the financial
statements taken as a whole.
Philadelphia, Pennsylvania
June 20, 1997
BY (SIGNATURE)
ERNST & YOUNG LLP
<PAGE>5
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,
1996 1995
---- ----
ASSETS
Investments, at fair value $31,152,048 $24,091,878
----------- -----------
TOTAL ASSETS 31,152,048 24,091,878
LIABILITIES - Miscellaneous 70,005 54,873
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $31,082,043 $24,037,005
=========== ===========
See notes to financial statements.
<PAGE>6
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31,
1996 1995
---- ----
Additions to net assets attributed to:
Investment income:
Interest $ 197,194 $ 149,170
Dividends 45,504
---------- ----------
197,194 194,674
Contributions:
Participants 3,201,686 2,249,954
Employer 758,014 548,805
Rollovers 1,478,064 689,793
---------- ----------
Total additions 5,634,958 3,683,226
Deductions from net assets attributed to:
Benefits paid to participants 2,477,047 1,486,061
Administrative expenses 10,109 8,288
---------- ----------
Total deductions 2,487,156 1,494,349
Net appreciation in fair
value of investments 3,897,236 5,386,590
---------- ----------
INCREASE IN NET ASSETS 7,045,038 7,575,467
Net assets available for benefits at
beginning of year 24,037,005 16,461,538
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR $31,082,043 $24,037,005
=========== ===========
See notes to financial statements.
<PAGE>7
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
NOTE A -- SIGNIFICANT ACCOUNTING POLICIES
Valuation of Investments: Investments are stated at fair value. VWR
Scientific Products Corporation (VWR) common stock is traded on a national
securities exchange and is valued at the last reported sales price on the
last business day of the VWR Scientific Products Corporation Inve$tor Tax
Savings Plan (the Plan) year. The fair value of the participation units
owned by the Plan in collective investment funds is based on quoted
redemption values on the last business day of the Plan year. The
participant notes receivable are valued at cost which approximates fair
value.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded
on the ex-dividend date.
Use of Estimates: The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.
Administrative Expenses: Substantially all administrative expenses and
trustee fees were paid by the Plan's sponsor, VWR.
Reclassification: Certain prior year amounts have been reclassified to
conform with the current years presentation.
NOTE B -- DESCRIPTION OF THE PLAN
The Plan is a contributory, defined contribution investment plan for all
salaried personnel. Union employees are also eligible, provided the union
also participates in VWR's health insurance and pension plans.
Participants may contribute up to 12% of their pretax annual compensation
to the Plan. VWR contributes an amount equal to 50% (after deducting VWR's
health care contribution) of each participant's contribution up to 3% of
each participant's compensation. Participants may elect to allocate a
portion of their contribution to a health care fund, to meet future medical
expenses. VWR will match 100% of any amounts that participants allocate to
the health care fund, limited to 20% of the first 3% of each participant's
compensation. Depending on VWR's profitability in any year, VWR may make
an additional employer contribution on behalf of each participant who is
employed on March 31 of the following year. The additional employer
contribution shall equal a specified percentage, determined by VWR each
year, of the participant's contribution for the previous Plan year.
Participants may also contribute amounts representing distributions from
other qualified defined benefit or defined contribution plans.
Employer contributions are invested solely in the VWR Scientific Products
Corporation Stock Fund. Participants over age 55 may elect to have
employer contributions transferred from the VWR Scientific Products
Corporation Stock Fund to an alternative Fund.
<PAGE>8
NOTE B -- DESCRIPTION OF THE PLAN - continued
Participant contributions vest immediately while VWR's contributions vest
at a rate of 20% per year of service. Should the Plan terminate at some
future time, all assets of the Plan will be available to participants, and
the rights of all participants shall become 100% vested at that time.
Participants who are employees are eligible to borrow from their account as
limited by Section 72(p)(2) of the Internal Revenue Code and certain other
conditions as described in the Plan document. Interest is accrued at the
prime lending rate on the date of loan disbursement plus 1% (ranging from
7% to 10% at December 31, 1996).
Refer to the Plan agreement for a more complete description of the Plans
provisions.
On September 15, 1995, VWR acquired the Industrial Distribution business of
Baxter Healthcare, a subsidiary of Baxter International. The effect on
rollover contributions was $1,198,051 during 1996.
NOTE C -- DESCRIPTION OF FUNDS
Upon enrollment in the Plan, a participant may direct his/her
contributions, in 1% increments, to any of the following investments:
VWR Scientific Products Corporation Stock Fund: This fund invests in VWR
Common Stock.
Daily Money Market Fund: This fund invests in instruments with
maturities of less than one year, including: U. S. Government
and Agency obligations, fixed time deposits, bankers'
acceptances, bank obligations, short-term corporate debt
instruments, repurchase agreements, and loan participations.
Asset Allocation Fund: This fund invests in common stocks, U. S.
Treasury bonds, and money market instruments.
Bond Index Fund: This fund invests in high-grade bonds issued by the
U.S. Government, domestic corporations, and other issuers.
S&P 500 Stock Fund: This fund invests in substantially the same stocks
in the same proportions that comprise the S&P 500 Index itself.
U.S. Treasury Allocation Fund: This fund invests in three types of
fixed-income securities: long-term U. S. Treasury bonds,
intermediate-term U. S. Treasury notes, and 90-day U. S. Treasury
bills.
Loan Fund: This fund consists of the principal balance of loans
outstanding to plan participants.
NOTE D -- INVESTMENTS
The Plan purchased 154,103 shares of VWR Common Stock for $2,343,283 during
1996 and 154,582 shares for $1,701,927 during 1995. The Plan purchased
securities from Wells Fargo Bank, a party in interest, for $6,783,160
during 1996 and $9,209,777 during 1995.
<PAGE>9
NOTE D - INVESTMENTS (Continued)
During 1996 and 1995, the Plan's investments, including investments bought
and
sold as well as held during the year, appreciated in fair value as follows:
Net
Appreciation Fair Value
in Fair Value at End
During Year of Year
------------- ----------
Year ended December 31, 1996:
VWR Scientific Products Corporation
Stock Fund $1,984,120 $ 10,638,549
Daily Money Market Fund 2,318,009
Asset Allocation Fund 713,036 6,840,754
Bond Index Fund 23,273 982,500
S&P 500 Stock Fund 1,077,032 6,500,955
U.S. Treasury Allocation Fund 99,775 2,544,613
Sweep Account 70,005
Loan Fund 1,256,663
---------- -----------
$3,897,236 $ 31,152,048
========== ===========
Year ended December 31, 1995:
VWR Scientific Products Corporation
Stock Fund $ 2,626,567 $ 7,796,843
Daily Money Market Fund 1,658,737
Asset Allocation Fund 1,314,161 6,044,493
Bond Index Fund 127,993 1,036,491
S&P 500 Stock Fund 1,002,713 4,189,161
U.S. Treasury Allocation Fund 315,156 2,441,854
Sweep Account 44,784
Loan Fund 879,515
----------- -----------
$ 5,386,590 $24,091,878
=========== ===========
The fair values of individual investments that represent 5% or more
of the Plan's net assets are as follows:
December 31,
1996 1995
---- ----
VWR Scientific Products Corporation
-- common stock $10,470,325 $ 7,627,482
Daily Money Market Fund 2,556,238 1,826,589
Asset Allocation Fund 6,840,754 6,044,493
S&P 500 Stock Fund 6,500,955 4,189,161
U.S. Treasury Allocation Fund 2,544,613 2,441,854
At December 31, 1996, the Plan held 625,094 shares of VWR Scientific
Products Corporation common stock at a market price of $16.75 per share.
<PAGE>10
NOTE E -- PAYMENTS TO PARTICIPANTS
Participants are entitled to their vested benefits upon termination from
the Plan. Unvested employer contributions are forfeited upon termination
and offset against employer contributions. However, if participants re-
enter the Plan within a five-year period, the unvested amount is added back
to their respective accounts upon repayment of amounts previously
distributed to participants.
NOTE F -- INCOME TAX STATUS
The Internal Revenue Service has ruled on July 14, 1995 that the Plan
qualifies under Section 401(a) of the Internal Revenue Code (IRC), and
therefore, the related trust is not subject to tax under present income tax
law. Once qualified, the Plan is required to operate in conformity with the
IRC to maintain its qualification. The Pension Committee is not aware of
any course of action or series of events that might adversely affect the
Plan's qualified status.
<PAGE>11
<TABLE>
NOTE G--NET ASSETS AVAILABLE FOR BENEFITS BY FUND
December 31, 1996
<CAPTION>
VWR Scientific
Products Daily Asset Bond U.S. Treasury
Corporation Money Allocation Index S&P 500 Allocation Sweep
Stock Fund Market Fund Fund Fund Stock Fund Fund Account Loan Fund Total
---------- ------------ ---------- -------- ---------- ---------- ------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair
value $10,638,549 $2,318,009 $6,840,754 $ 982,500 $6,500,955 $2,544,613 $70,005 $1,256,663 $31,152,048
----------- --------- ---------- --------- ---------- ---------- ---------- --------- -----------
TOTAL ASSETS BY FUND 10,638,549 2,318,009 6,840,754 982,500 6,500,955 2,544,613 70,005 1,256,663 31,152,048
LIABILITIES-Miscellaneous 70,005 70,005
---------- --------- ---------- --------- ----------- ---------- ---------- --------- ----------
NET ASSETS AVAILABLE
FOR BENEFITS $10,638,549 $2,318,009 $6,840,754 $ 982,500 $6,500,955 $2,544,613 $ -- $1,256,663 $31,082,043
========== ========= ========= ======= ========== ========== ========= ========= ===========
December 31, 1995
<CAPTION>
VWR Scientific
Products Daily Asset Bond U.S. Treasury
Corporation Money Allocation Index S&P 500 Allocation Sweep
Stock Fund Market Fund Fund Fund Stock Fund Fund Account Loan Fund Total
------------ ----------- ---------- -------- ---------- ---------- ------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair
value $7,796,843 $1,658,737 $6,044,493 $1,036,491 $4,189,161 $2,441,854 $ 44,784 $879,515 $24,091,878
---------- --------- --------- --------- --------- --------- -------- ------- -----------
TOTAL ASSETS BY FUND 7,796,843 1,658,737 6,044,493 1,036,491 4,189,161 2,441,854 44,784 879,515 24,091,878
LIABILITIES-Miscellaneous 10,089 44,784 54,873
--------- --------- --------- --------- --------- --------- -------- ------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $7,786,754 $1,658,737 $6,044,493 $1,036,491 $4,189,161 $2,441,854 $ -- $879,515 $24,037,005
========= ========= ========= ========= ========= ========= ======== ======= ===========
</TABLE>
<PAGE>12
<TABLE>
NOTE H - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
Year ended December 31, 1996
<CAPTION>
VWR Scientific
Products Daily Money Asset Bond U.S. Treasury
Corporation Market Allocation Index S&P 500 Allocation Sweep Loan
Stock Fund Fund Fund Fund Fund Fund Account Fund Total
----------- -------- --------- ------- --------- --------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Additions to net
assets attributed to:
Investment income:
Interest $ $ 99,733 $ $ $ $ $ 2,924 $ 94,537 $ 197,194
------- -------- -------- ------- ------- -------- -------- -------- ----------
99,733 2,924 94,537 197,194
Contributions:
Participants 549,672 288,104 811,125 150,538 1,104,628 297,619 3,201,686
Employer 758,014 758,014
Rollovers 185,172 511,171 206,894 112,679 330,985 131,163 1,478,064
--------- -------- --------- ------- --------- -------- ------ ------- ---------
Total additions 1,492,858 899,008 1,018,019 263,217 1,435,613 428,782 2,924 94,537 5,634,958
Deductions from net
assets attributed to:
Benefits paid to
participants 470,554 317,330 675,115 90,047 492,569 329,002 25,453 76,977 2,477,047
Administrative expenses 989 917 1,383 233 1,213 829 4,545 10,109
--------- -------- --------- ------- --------- -------- ------- ------- ----------
Total deductions 471,543 318,247 676,498 90,280 493,782 329,831 29,998 76,977 2,487,156
Net appreciation
in fair value
of investments 1,984,120 713,036 23,273 1,077,032 99,775 3,897,236
Interfund transfers
(net) (153,640) 78,511 (258,296) (250,201) 292,931 (95,967) 27,074 359,588
---------- -------- -------- ------- --------- -------- ------- -------- ----------
INCREASE(DECREASE) in
NET ASSETS 2,851,795 659,272 796,261 (53,991) 2,311,794 102,759 377,148 7,045,038
Net assets available for
benefits at beginning
of year 7,786,754 1,658,737 6,044,493 1,036,491 4,189,161 2,441,854 879,515 24,037,005
--------- ---------- --------- --------- --------- --------- ------- -------- ----------
Net assets available for
benefits at end
of year $10,638,549 $2,318,009 $6,840,754 $ 982,500 $6,500,955 $2,544,613 $ -- $1,256,663 $31,082,043
========== ========= ========= ========= ========== =========== ======= ========= ==========
<PAGE>13
</TABLE>
<TABLE>
NOTE H - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND - CONTINUED
Year Ended December 31, 1995
<CAPTION>
VWR Scientific Daily U.S.
Products Money Money Asset Bond Treasury
Corporation Market Market Allocation Index S&P 500 Allocation Sweep Loan
Stock Fund Fund Fund Fund Fund Fund Fund Account Fund Total
----------- -------- --------- ------- --------- --------- -------- -------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Investment income:
Interest $ $ 56,560 $ 32,136 $ $ $ $ $ 1,289 $59,185 $ 149,170
Dividends 45,504 45,504
--------- -------- --------- ------- ------- -------- -------- ------- -------- --------
45,504 56,560 32,136 1,289 59,185 194,674
Contributions:
Participants 343,351 158,749 133,350 644,838 106,467 565,259 297,940 2,249,954
Employer 548,805 548,805
Rollovers 172,195 2,047 99,716 155,046 83,811 157,620 19,358 689,793
--------- -------- --------- ------- -------- -------- ------- ------- -------- ---------
Total additions 1,109,855 217,356 265,202 799,884 190,278 722,879 317,298 1,289 59,185 3,683,226
Deductions from net
assets attributed to:
Benefits paid to
participants 339,826 116,976 148,059 488,791 14,579 165,865 173,327 11,178 27,460 1,486,061
Administrative expenses 408 202 168 702 113 529 430 5,736 8,288
--------- -------- --------- -------- -------- -------- ------- ------ ------- ---------
Total deductions 340,234 117,178 148,227 489,493 14,692 166,394 173,757 16,914 27,460 1,494,349
Net appreciation
in fair value
of investments 2,626,567 1,314,161 127,993 1,002,713 315,156 5,386,590
Interfund transfers
(net) (221,333)(1,746,548) 1,541,762 (23,709) 156,786 152,079 (80,225) 15,625 205,563 --
---------- --------- --------- -------- --------- --------- -------- ------ -------- ----------
INCREASE (DECREASE) IN
NET ASSETS 3,174,855 (1,646,370) 1,658,737 1,600,843 460,365 1,711,277 378,472 237,288 7,575,467
Net assets available for
benefits at beginning
of year 4,611,899 1,646,370 4,443,650 576,126 2,477,884 2,063,382 642,227 16,461,538
--------- ---------- ---------- --------- -------- --------- --------- ------- -------- ----------
Net assets available for
benefits at end
of year $7,786,754 $ -- $1,658,737 $6,044,493 $1,036,491 $4,189,161 $2,441,854 $ -- $879,515 $24,037,005
========== ========= ========= ========= ========= ========= ========= ======= ======= ==========
</TABLE>
<PAGE>14
LINE 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
<TABLE>
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
December 31, 1996
<CAPTION>
VWR Scientific Products Daily Money Asset Bond S&P 500
Corporation Stock Fund Market Fund Allocation Fund Index Fund Stock Fund
---------------------- ----------- --------------- ---------- -----------
Identity of Issuer, Current Current Current Current Current
Fund, or Borrower Cost Value Cost Value Cost Value Cost Value Cost Value
- ------------------- ---- ------- ---- ------- ---- ---- ---- ------ ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
*VWR Scientific
Products Common Stock
625,094 shares $7,124,635 $10,470,325
*Barclays Global Investors
Daily Money Market Fund
2,556,238 units 168,224 168,224 2,318,009 2,318,009
*Barclays Global Investors
Asset Allocation Fund
318,027 units 4,868,727 6,840,754
*Barclays Global Investors
Bond Index Fund
66,973 units 868,639 982,500
*Barclays Global Investors
S&P 500 Stock Fund
234,946 units 4,608,561 6,500,955
*Barclays Global Investors
U.S. Treasury
Allocation Fund
154,500 units
Participant notes
receivable
bearing interest
ranging from 7%
to 10%
---------- ----------- ---------- ---------- ---------- ---------- -------- -------- --------- ----------
$7,292,859 $10,638,549 $2,318,009 $2,318,009 $4,868,727 $6,840,754 $868,639 $982,500 $4,608,561 $6,500,955
========== =========== ========== ========== ========== ========== ======== ======== ========= ==========
* Indicates party in interest to the Plan.
</TABLE>
<PAGE>15
LINE 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (CONTINUED)
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
<TABLE>
December 31, 1996
<CAPTION>
U.S. Treasury Sweep
Allocation Fund Account Loan Fund Total
Identity of Issuer, --------------- ---------- --------- -----
Fund, or Borrower Current Current Current Current
- ------------------- Cost Value Cost Value Cost Value Cost Value
---- ------- ---- ------- ---- ------- ---- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
*VWR Scientific
Products Common Stock
625,094 shares $ 7,124,635 $10,470,325
*Barclays Global Investors
Daily Money Market Fund
2,556,238 units 70,005 70,005 2,556,238 2,556,238
*Barclays Global Investors
Asset Allocation Fund
318,027 units 4,868,727 6,840,754
*Barclays Global Investors
Bond Index Fund
66,973 units 868,639 982,500
*Barclays Global Investors
S&P 500 Stock Fund
234,946 units 4,608,561 6,500,955
*Barclays Global Investors
U.S. Treasury
Allocation Fund
154,500 units 2,099,069 2,544,613 2,099,069 2,544,613
Participant notes
receivable
bearing interest
ranging from 7%
to 10% 1,256,663 1,256,663 1,256,663 1,256,663
----------- ---------- -------- -------- --------- -------- ----------- ----------
$2,099,069 $2,544,613 $ 70,005 $ 70,005 $1,256,663 $1,256,663 $23,382,532 $31,152,048
========== ========== ======== ======== ========= ========= =========== ==========
</TABLE>
* Indicates party in interest to the Plan
<PAGE>16
LINE 27D--SCHEDULE OF REPORTABLE TRANSACTIONS
<TABLE>
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
Year Ended December 31, 1996
<CAPTION>
Number Cost
Description of Number of Purchase of of Sale Net
Assets Purchases Price Sales Asset Price Gain
- -------------- --------- --------- ------ ----- ------- ------
<S> <C> <C> <C> <C> <C> <C>
Category (iii) -- A series of transactions in excess of 5% of Plan Assets
- -------------------------------------------------------------------------
*VWR Scientific
Products Corporation
Common Stock 99 $2,343,283 108 $1,074,352 $1,469,636 $395,284
*Barclays Global Investors
Asset Allocation Fund 92 1,491,639 117 1,037,553 1,408,416 370,863
*Barclays Global Investors
S&P 500 Stock Fund 122 2,511,426 89 928,668 1,276,662 347,994
*Barclays Global Investors
Daily Money Market Fund 92 1,814,766 94 1,151,727 1,151,727
</TABLE>
There were no category (i), (ii), or (iv) reportable transactions during 1996.
- ------------------------------------------------------------------------------
[DESCRIPTION] Consents of Experts and Counsel
<PAGE> 17
CONSENT OF ERNST & YOUNG, LLP, INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8, No. 33-34262) pertaining to the VWR Scientific Products
Corporation Inve$tor Tax Savings Plan of our report dated June 20, 1997,
with respect to the financial statements and schedules of the VWR
Scientific Products Corporation Inve$tor Tax Savings Plan included in this
Annual Report (Form 11-K) for the year ended December 31, 1996.
BY (SIGNATURE)
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
June 25, 1997
