Perrigo Company (Nasdaq:PRGO; TASE:PRGO)announced today that it has acquired Unico Holdings for approximately $49 million in cash.
The acquisition is expected to add nearly $50 million of annual sales and be accretive to earnings in the first twelve months.
Unico, a privately-held company, is based in Lake Worth, Florida. It manufactures store brand pediatric electrolytes, enemas and feminine hygiene products for retail customers in the US. Unico was founded in 1991.
Perrigo chairman and CEO Joseph C. Papa said, "The acquisition of Unico expands our store brand product offering into important categories that we currently do not offer."
Perrigo develops, manufactures and distributes over-the-counter (OTC) and prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients (API) and consumer products, mostly for the store brand market.
Shares in Perrigo ended Wednesday on Nasdaq at $32.86, giving a market cap of $3.03 billion. On the Tel Aviv Stock Exchange (TASE) today, Perrigo's shares rose 0.6%.
Published by Globes [online], Israel business news - www.globes-online.com - on November 13, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008