Scherer selling Paco
Softgel manufacturer R. P. Scherer announced letter of intent Feb. 6 to sell its Paco Pharmaceutical Services contract packager and manufacturing subsidiary to an investor group led by Paco President Russell Haines and Tullis Cook & Co. Sale price is approximately $39 mil. in cash and debt assumption. Troy, Michigan-based Scherer paid $64 mil. for Paco when it purchased the company in February 1988. Scherer announced in November that it planned to divest Paco, and five other businesses.
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