By: Deborah Johnson Wood
On September 16, Allegan-based Perrigo Company announced the purchase of Holland’s JB Laboratories and the retention of all 375 employees. Perrigo spokesperson Art Shannon says the company paid $44 million cash for $70 million in revenue
“We’ve been partners with them for over 25 years, they’re an FDA approved facility, and they’re just a great company,” Shannon says. “[JB’s] founder, Bill Baker, is retiring and this was a great opportunity.”
JB Laboratories makes over-the-counter drugs--powders, capsules, tablets, multi-vitamins, cough and cold products, and analgesics--and Perrigo plans to continue producing those products. Shannon says that while Perrigo does not plan to add any jobs in Holland in the near future, the acquisition does not affect the company’s plans to create some 400 jobs at the Allegan headquarters over the next five years.
“There are a lot of new products coming to market, and we think there’s an opportunity for about a $10 billion market in the next five years because of prescription to over-the-counter switches,” Shannon adds. “We grew 80 percent last year, and we’re looking to grow another 20 to 25 percent this year.”
Perrigo was founded in 1887 and now has 6,200 employees worldwide, not including the Holland employees. Some 2,800 are located in the United States, most of those in Michigan. Last year the company logged revenues of $1.8 billion.
“We’re really proud of the fact that we can do this in West Michigan, and we can compete with anyone in the world,” Shannon says. “When everyone else is moving their operations to China, we’re selling our products to China.”
Source: Art Shannon, Perrigo; Michael Zalewski, Seyferth & Associates, Inc.
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Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
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