ALLEGAN — Perrigo Co. plc today closed on the $750 million cash acquisition of Grand Rapids-based Ranir Global Holdings LLC.
The deal for Ranir, a maker of oral care products, is one element of a sweeping $1 billion plan to transform Perrigo into a company focused on consumer health care products and medications, and to restore growth and improve profitability — both of which have lagged in recent years.
“Our combined scale, global presence, innovation pipelines, and shared self-care strategies immediately accelerates growth and enhances our robust store brand portfolio. We look forward to providing customers and consumers with our expanded product offerings in this adjacent self-care category,” Perrigo President and CEO Murray Kessler said in a statement.
Ranir’s lineup of more than 300 products includes manual toothbrushes, power toothbrush heads and handles, whitening strips, dental floss, dentures and travel kits sold in more than 50 countries. Ranir, which employs about 650 people, generated $218 million in sales for 2018, as MiBiz previously reported.
In announcing the closing of the acquisition, Perrigo also raised its guidance for the year by 10 cents, to $3.75 to $4.05 per share, to reflect earnings accretion.