Perrigo Company (NASDAQ: PRGO)(TASE: PRGO), 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.
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