Company focused on producing quality, affordable healthcare
ALLEGAN, Mich., July 15 /PRNewswire-FirstCall/ -- Perrigo Company
(Nasdaq: PRGO; TASE), the world's largest manufacturer of over-the-counter
healthcare products sold under the store-brand label, announced today its
intent to invest $10.5 million to expand its facilities at its world
headquarters in Allegan, Michigan. The expansion will add 400 jobs during
the next five years, provide operations and training space and set the
stage for the company's future growth.
"In these tough economic times, Perrigo continues to help the consumer
by providing quality, affordable healthcare products," said Joseph C. Papa,
Perrigo's president, chairman and CEO. "We see many new opportunities to
further reduce consumer healthcare costs. Many brand products' exclusivity
rights will expire soon, and this will allow us to develop additional
high-quality, store-brand versions at an affordable price.
"Perrigo's plans are one more step in reshaping Michigan's economy and
West Michigan's leadership position in the health and science industries,"
said Papa.
The expansion is aided by tax credits approved today by the State of
Michigan. The tax credits are valued at $8.4 million during the next 12
years. In addition to the state's support, the City of Allegan anticipates
approval of real and personal property tax abatements with an estimated
value of $1.4 million.
Perrigo Company is a leading global healthcare supplier that develops,
manufactures and distributes over-the-counter (OTC) and prescription
pharmaceuticals, nutritional products, active pharmaceutical ingredients
(API) and consumer products. The Company is the world's largest
manufacturer of OTC pharmaceutical products for the store brand market. The
Company's primary markets and locations of manufacturing facilities are the
United States, Israel, Mexico and the United Kingdom. Visit Perrigo on the
Internet ( http://www.perrigo.com ).
Note: Certain statements in this press release are forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act
of 1934, as amended, and are subject to the safe harbor created thereby.
These statements relate to future events or the Company's future financial
performance and involve known and unknown risks, uncertainties and other
factors that may cause the actual results, levels of activity, performance
or achievements of the Company or its industry to be materially different
from those expressed or implied by any forward-looking statements. In some
cases, forward-looking statements can be identified by terminology such as
"may," "will," "could," "would," "should," "expect," "plan," "anticipate,"
"intend," "believe," "estimate," "predict," "potential" or other comparable
terminology. The Company has based these forward-looking statements on its
current expectations, assumptions, estimates and projections. While the
Company believes these expectations, assumptions, estimates and projections
are reasonable, such forward-looking statements are only predictions and
involve known and unknown risks and uncertainties, many of which are beyond
the Company's control. These and other important factors, including those
discussed under "Risk Factors" in the Company's Form 10-K for the year
ended June 30, 2007, as well as the Company's subsequent filings with the
Securities and Exchange Commission, may cause actual results, performance
or achievements to differ materially from those expressed or implied by
these forward-looking statements. The forward-looking statements in this
press release are made only as of the date hereof, and unless otherwise
required by applicable securities laws, the Company disclaims any intention
or obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
SOURCE Perrigo Company
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Related links:
http://www.perrigo.com
CONTACT:
Arthur J. Shannon, Vice President, Investor
Relations and Communication, Perrigo Company, +1-269-686-1709,
ajshannon@perrigo.com
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