Perrigo to restructure its Branded Consumer Healthcare business
Actions will help to improve the company's financial profile.
Perrigo Company has announced its intention to restructure the Branded Consumer Healthcare's (BCH) Omega Pharma Belgium business (which includes Omega Pharma Belgium NV, Etixx NV and Biover NV), located in Nazareth, Venecoweg 26 (Belgium) to improve the financial profile and enhance focus of the business on branded consumer OTC products.
Perrigo's CEO John Hendrickson stated: "Consistent with our previously announced comprehensive portfolio review, we are [...] announcing specific actions to streamline operations and safeguard the future of our BCH Belgium business. The action plan for Belgium is directed at enhancing long-term profitability by focusing our efforts on growing our OTC brand portfolio. Today's announcement furthers the Perrigo Board of Directors' and management's commitment to delivering shareholder value."
To improve the financial profile of the BCH Belgium business, the company:
These combined businesses and products are forecasted to achieve calendar year 2016 net sales of approximately $155 million dollars with no contribution to margin.
The employees of Omega Pharma Belgium NV, Etixx NV and Biover NV have been informed in detail of the business analysis and the intention to restructure the business operations. Today's announcement marks the beginning of a consultation period with employees, as required by Belgian legislation, regarding the intention to restructure the Omega Pharma Belgian operational business unit. This restructuring plan is only related to Omega Pharma Belgium NV, Etixx NV and Biover NV and only activities related to Omega Pharma Belgium are involved in this plan.
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