Perrigo Company (Nasdaq: PRGO; TASE) today announced that it has signed a definitive agreement to sell its Israel Consumer Products business along with the related production assets in Israel to Emilia Group, a subsidiary of O. Feller Holdings Ltd., for 205 million New Israeli Shekels (approximately $54 million). The transaction will close in the first calendar quarter of 2010. Under the terms of the agreement, Perrigo will provide distribution and support services for the related U.S. private label cosmetics business for twelve months after the close of the transaction.
Commenting on the announcement, Perrigo Chairman and Chief Executive Officer, Joseph C. Papa, stated, "We are very pleased with the team's ability to find the right buyer in a timely manner, executing on our previously announced decision to exit this business. This reflects our on-going process of optimizing our portfolio based on our stringent ROIC guidelines."
Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes OTC and generic 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 and logistics operations are the United States, Israel, Mexico and the United Kingdom. Visit Perrigo on the Internet (http://www.perrigo.com).