Yokebe, part of Perrigo's acquisition of Naturwohl Pharma, is a top dietary shake supplement in Germany. Photo via fb.com
A drug maker in the region is selling one of its businesses as part of its strategic growth plan.
Dublin-based Perrigo, which operates its North American base in Allegan, said today that it has reached a definitive agreement to sell its U.S. Vitamins, Minerals & Supplements, or VMS, business to International Vitamin Corporation, or IVC.
The transaction is subject to customary closing conditions and expected to close by early August.
“Having explored various options over the past several months, we are pleased to have reached an agreement to sell the business to IVC,” said John Hendrickson, CEO, Perrigo.
Hendrickson said Perrigo made the decision last year to sell its VMS business as part of an ongoing portfolio assessment.
He said the decision ensures Perrigo remains focused on its “most profitable and strategic businesses.”
“We look forward to working with the IVC team to seamlessly transition the business and ensure that our customers continue to receive exceptional service during this transitional period,” Hendrickson said.
On behalf of Perrigo, Hendrickson thanked the more than 300 employees who are part of the VMS business and wished them “the very best” going forward.