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Perrigo closes two plants

This article was originally published in The Tan Sheet

Executive Summary

The private labeler is closing its Holland and Montague, Mich.-based manufacturing facilities and will "transfer its profitable product lines" from those locations to plants based in Allegan, Mich. and The Bronx, N.Y., Perrigo announces June 27. The firm will discontinue production for its unsuccessful psyllium-based laxatives and effervescent tablets. The closings correspond with Perrigo's business strategy to improve efficiency and successfully integrate Agis, an Israeli generics firm acquired in March 2005, the firm states. Perrigo estimates an $8 mil. pre-tax charge will be incurred during Q4 2006 (ending July 1) as well as a $3 mil. one-time cost during fiscal 2007 as a result of the plant closings. All 140 employees affected by the closing plants will be offered positions at the Allegan site, Perrigo says...
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