The merger of Johnson Products Co. Inc. into a wholly ownedsubsidiary of Ivax Corp. is now complete, the companiesannounced Tuesday.

Pursuant to the merger, first announced in mid-June, each ofJohnson Products' 2.54 million outstanding shares of commonstock (ASE:JPC) will be converted into the right to receive oneshare of Ivax common stock (ASE:IVX), which closedWednesdayat $23.75 a share, down 38 cents. This values themerger at slightly more than $61 million.

Through the acquisition, Ivax of Miami has strengthened itspresence in the cosmetics, dermatology and skin-care markets.

Ivax Corp. is a holding company with subsidiaries involved inspecialty chemicals, medical diagnostics and pharmaceuticals,as well as cosmetics and health care.

The business of Chicago-based Johnson Products, whichmanufactures and markets personal-care products designedprimarily for African American consumers, is complementaryto several of Ivax's businesses.

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