<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, 1997
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, 1997
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 17
Line 27d--Schedule of Reportable Transactions 19
Exhibit
Consent of Independent Auditors 20
<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, 1998 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, 1997 and 1996, 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, 1997 and 1996, 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, 1997,
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 23, 1998
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,
1997 1996
---- ----
ASSETS
Investments, at fair value $45,273,155 $31,152,048
---------- ----------
TOTAL ASSETS 45,273,155 31,152,048
LIABILITIES - Miscellaneous -- 70,005
----------- -----------
NET ASSETS AVAILABLE FOR BENEFITS $45,273,155 $31,082,043
=========== ===========
See notes to financial statements.
<PAGE>6
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31,
1997 1996
---- ----
Additions to net assets attributed to:
Investment income:
Interest $ 245,995 $ 197,194
------- -------
245,995 197,194
Contributions:
Participants 3,628,845 3,201,686
Employer 831,781 758,014
Rollovers 422,495 1,478,064
--------- ---------
Total additions 5,129,116 5,634,958
Deductions from net assets attributed to:
Benefits paid to participants 2,638,249 2,477,047
Administrative expenses 11,769 10,109
--------- ---------
Total deductions 2,650,018 2,487,156
--------- ---------
Net appreciation in fair
value of investments 11,712,014 3,897,236
---------- ---------
INCREASE IN NET ASSETS 14,191,112 7,045,038
Net assets available for benefits at
beginning of year 31,082,043 24,037,005
---------- ----------
NET ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR $45,273,155 $31,082,043
========== ==========
See notes to financial statements.
<PAGE>7
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
Years Ended December 31, 1997 and 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 Investment 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 their outstanding
balances 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.
<PAGE>8
NOTE B -- DESCRIPTION OF THE PLAN
The Plan is a contributory, defined contribution savings plan for all non-
union 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.
<PAGE>9
NOTE B -- DESCRIPTION OF THE PLAN - continued
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.
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, 1997).
Refer to the Plan agreement for a more complete description of the Plan's
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.
<PAGE>10
NOTE C -- DESCRIPTION OF FUNDS
Upon enrollment in the Plan, a participant may direct his or 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.
NOTE D -- INVESTMENTS
The Plan purchased 143,896 shares of VWR Common Stock for $2,608,898 during
1997 and 154,103 shares for $2,343,283 during 1996. The Plan purchased
securities from Barclay's Global Investors, a party in interest, for
$8,194,491 during 1997 and $6,783,160 during 1996.
<PAGE>11
NOTE D -- INVESTMENTS - Continued
During 1997 and 1996, 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, 1997:
VWR Scientific Products Corporation
Stock Fund $ 7,532,322 $18,603,686
Daily Money Market Fund -- 2,587,339
Asset Allocation Fund 1,567,787 8,532,632
Bond Index Fund 88,959 1,003,617
S&P 500 Stock Fund 2,345,471 10,627,415
U.S. Treasury Allocation Fund 177,475 2,502,826
Sweep Account -- 37,075
Loan Fund -- 1,378,565
---------- ----------
$11,712,014 $45,273,155
=========== ===========
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
=========== ===========
<PAGE>12
NOTE D -- INVESTMENTS - Continued
The fair values of individual investments that represent 5% or more
of the Plan's net assets are as follows:
December 31,
1997 1996
---- ----
VWR Scientific Products Corporation
-- Common Stock $18,328,459 $10,470,325
Daily Money Market Fund 2,899,641 2,556,238
Asset Allocation Fund 8,532,632 6,840,754
S&P 500 Stock Fund 10,627,415 6,500,955
U.S. Treasury Allocation Fund 2,502,826 2,544,613
At December 31, 1997, the Plan held 648,795 shares of VWR Scientific
Products Corporation common stock at a market price of $28.25 per share. At
June 23, 1998, the VWR common stock was at a market price of $23.63.
<PAGE>13
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 can be used to offset 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 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.
NOTE G -- YEAR 2000 (unaudited)
The Company has conducted a review to identify the systems that could be
affected by the "Year 2000" issue. The Company has developed a timeline for
enhancing its computer systems. The enhancement, together with other
planned system changes, is intended to correct the Year 2000 issue. The
Company has also initiated discussions with third-party service providers
to ensure that those parties have developed appropriate plans to remediate
Year 2000 issues. The Company does not expect the "Year 2000" issue to have
a significant effect on plan operations.
<PAGE>14
<TABLE>
NOTE H--NET ASSETS AVAILABLE FOR BENEFITS BY FUND
December 31, 1997
<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 $18,603,686 $2,587,339 $8,532,632 $1,003,617 $10,627,415 $2,502,826 $ 37,075 $1,378,565 $45,273,155
----------- ---------- ---------- ---------- ----------- ---------- -------- ---------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $18,603,686 $2,587,339 $8,532,632 $1,003,617 $10,627,415 $2,502,826 $ 37,075 $1,378,565 $45,273,155
=========== ========== ========== ========== =========== ========== ======== ========== ===========
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
=========== ========== ========== ========== ========== ========== ======= ========== ===========
</TABLE>
<PAGE>15
<TABLE>
NOTE I - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
Year Ended December 31, 1997
<CAPTION>
VWR Scientific Daily
Corporation Money Asset Bond U.S. Treasury
Stock Market Allocation Index S&P 500 Allocation Sweep Loan
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 $ $ 121,259 $ $ $ $ $2,814 $121,922 $ 245,995
-------- -------- ------- --------- ----------- ---------- ----- ------- ---------
121,259 2,814 121,922 245,995
Contributions:
Participants 597,983 298,686 886,828 149,699 1,427,696 267,953 3,628,845
Employer 831,781 831,781
Rollovers 37,566 69,130 103,933 5,920 198,616 7,330 422,495
--------- ------- ------- ------- --------- ------- ----- ------- ---------
Total additions 1,467,330 489,075 990,761 155,619 1,626,312 275,283 2,814 121,922 5,129,116
Deductions from net
assets attributed to:
Benefits paid to
participants 671,703 284,517 511,106 150,089 738,685 174,639 (7,269) 114,779 2,638,249
Administrative expenses 1,502 1,097 1,925 288 1,920 902 4,135 11,769
------- ------- ------- ------- ------- ------- ------ ------- ---------
Total deductions 673,205 285,614 513,031 150,377 740,605 175,541 (3,134) 114,779 2,650,018
Net appreciation
in fair value
of investments 7,532,322 1,567,787 88,959 2,345,471 177,475 11,712,014
Interfund transfers(net)(361,310) 65,869 (353,639) (73,084) 895,282 (319,004) 31,127 114,759
--------- ------- --------- ------- ---------- -------- ------ -------- -----------
7,171,012 65,869 1,214,148 15,875 3,240,753 (141,529) 31,127 114,759 11,712,014
INCREASE(DECREASE) in --------- ------- --------- ------- ---------- -------- ------- -------- -----------
NET ASSETS 7,965,137 269,330 1,691,878 21,117 4,126,460 (41,787) 37,075 121,902 14,191,112
Net assets available for
benefits at beginning
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
---------- --------- --------- ------- --------- --------- ------- --------- ----------
Net sssets available for
benefits at end
of year $18,603,686 $2,587,339 $8,532,632 $1,003,617 $10,627,415 $2,502,826 $37,075 $1,378,565 $45,273,155
=========== ========== ========== ========== =========== ========== ======= ========== ===========
</TABLE>
<PAGE>16
<TABLE>
NOTE I - CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND
Year ended December 31, 1996
<CAPTION>
VWR Scientific Daily
Products 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
---------- ------- ------- ------- -------- ------- ------ -------- -------
99,773 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
---------- ------- --------- ------- --------- -------- ------ ------- ----------
1,830,480 78,511 454,740 (226,928) 1,369,963 3,808 27,074 359,588 3,897,236
---------- ------- --------- -------- --------- -------- ------ ------- ----------
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 $31,082,043
=========== ========== ========== ========= ========== ========== ====== ========== ===========
</TABLE>
<PAGE>17
LINE 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
<TABLE>
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS INVESTMENT PLAN
December 31, 1997
<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
648,795 shares $8,290,958 $18,328,459
*Barclays Global Investors
Daily Money Market Fund
2,899,640 units 275,227 275,227 2,587,339 2,587,339
*Barclays Global Investors
Asset Allocation Fund
323,819 units 5,410,191 8,532,632
*Barclays Global Investors
Bond Index Fund
62,492 units 846,518 1,003,617
*Barclays Global Investors
S&P 500 Stock Fund
288,788 units 7,030,788 10,627,415
*Barclays Global Investors
U.S. Treasury
Allocation Fund
141,483 units
*Participant notes receivable
bearing interest
ranging from 7%
to 10% ---------- ----------- ---------- ---------- ---------- ---------- -------- ---------- ---------- -----------
$8,566,185 $18,603,686 $2,587,339 $2,587,339 $5,410,191 $8,532,632 $846,518 $1,003,617 $7,030,788 $10,627,415
========== =========== ========== ========== ========== ========== ======== ========== ========== ===========
* Indicates party-in-interest to the Plan.
</TABLE>
<PAGE>18
LINE 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES - (CONTINUED)
<TABLE>
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS INVESTMENT PLAN
December 31, 1997
<CAPTION>
U.S. Treasury Sweep
Allocation Fund Account Loan Fund Total
--------------- ---------- --------- -----
Identity of Issuer, Current Current Current Current
Fund, or Borrower Cost Value Cost Value Cost Value Cost Value
- ------------------- ---- ------- ---- ------- ---- ------- ---- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
*VWR Scientific
Products Common Stock
648,795 shares $ 8,290,958 $ 18,328,459
*Barclays Global Investors
Daily Money Market Fund
2,899,640 units 37,075 37,075 2,899,641 2,899,641
*Barclays Global Investors
Asset Allocation Fund
323,819 units 5,410,191 8,532,632
*Barclays Global Investors
Bond Index Fund
62,492 units 846,518 1,003,617
*Barclays Global Investors
S&P 500 Stock Fund
288,788 units 7,030,788 10,627,415
*Barclays Global Investors
U.S. Treasury
Allocation Fund
141,483 units 2,016,583 2,502,826 2,016,583 2,502,826
*Participant notes receivable
bearing interest
ranging from 7%
to 10% -- 1,378,565 -- 1,378,565
---------- ---------- -------- -------- ---------- ---------- ----------- -----------
$2,016,583 $2,502,826 $ 37,075 $ 37,075 $ -- $1,378,565 $26,494,679 $45,273,155
========== ========== ======== ======== ========== ========== =========== ===========
</TABLE>
* Indicates party-in-interest to the Plan.
<PAGE>19
LINE 27D--SCHEDULE OF REPORTABLE TRANSACTIONS
<TABLE>
VWR SCIENTIFIC PRODUCTS CORPORATION INVE$TOR TAX SAVINGS INVESTMENT PLAN
Year Ended December 31, 1997
<CAPTION>
Number of Purchase Number of Cost of Sale Net
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 94 $2,608,898 121 $ 1,442,575 $2,269,246 $826,671
*Barclays Global Investors
Daily Money Market Fund 80 2,327,092 99 2,057,762 2,057,762 --
*Barclays Global Investors
Asset Allocation Fund 100 1,417,623 109 876,159 1,293,530 417,371
*Barclays Global Investors
S&P 500 Stock Fund 123 3,654,538 93 1,232,311 1,873,550 641,239
*VWR Scientific
Products Corporation
Money Market Fund 214 4,945,557 216 4,835,090 4,835,090 --
</TABLE>
There were no category (i), (ii), or (iv) reportable transactions during 1997.
- ------------------------------------------------------------------------------
* Indicates party-in-interest to the Plan.
<PAGE>20
EXHIBIT
[DESCRIPTION] Consent of Independent Auditors
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-34262) pertaining to the VWR Scientific Products
Corporation Inve$tor Tax Savings Investment Plan and in the related
Prospectus of our report dated June 23, 1998, with respect to the financial
statements and schedules of the VWR Scientific Products Corporation
Inve$tor Tax Savings Investment Plan included in this Annual Report (Form
11-K) for the year ended December 31, 1997.
BY (SIGNATURE)
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
June 23, 1998
