Perrigo Co. plc’s $750 million acquisition of Ranir Global Holdings LLC brought together two companies that essentially were following the same path when their CEOs decided to talk business toward the end of 2018.
ALLEGAN — Perrigo Co. plc reaffirmed its 2019 earnings guidance and reported a slight decline in net sales resulting from unfavorable currency translations and exited businesses.
ALLEGAN — Perrigo Co. plc today closed on the $750 million cash acquisition of Grand Rapids-based Ranir Global Holdings LLC.
GRAND RAPIDS — Executives at Ranir Global Holdings LLC put a plan in place four years ago to grow the company and prepare for investors’ eventual exit. By 2018, as the world’s largest producer of private-label store-brand oral care products grew sales and earnings at double-digit rates, management started exploring various options, including the potential for an IPO.
ALLEGAN — The sweeping transformation plan from Perrigo Co. plc President and CEO Murray Kessler aims to return the company to higher sales and earnings growth within a few years. Murray envisions a Perrigo that’s focused on “self-care,” producing products for consumers not only to treat themselves with store-brand, over-the-counter medications but also to maintain their health and prevent illness.
Perrigo Co. plc intends to use the proceeds from the sale of its animal health business to buy Ranir Global Holdings LLC, a Grand Rapids-based maker of oral care products.
Perrigo Co. plc plans to see off its animal health business for $185 million in cash to PetIQ LLC, an Eagle, Idaho-based pet health and wellness company.
Sales are not a problem for Perrigo Co. plc. The lack of a robust new product pipeline and pricing pressures as more competitors enter the market have been the primary issues ailing the company, along with customer service issues, CEO Murray Kessler told investor this week.
ALLEGAN — Perrigo Co. plc’s new CEO promised to return the company to “its winning ways” following a dismal quarterly earnings report.