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MarketScreener Homepage  >  Equities  >  Nyse  >  Perrigo Company plc    PRGO   IE00BGH1M568

PERRIGO COMPANY PLC

(PRGO)
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Perrigo : to Build New North American Corporate Headquarters on 'Medical Mile' in Grand Rapids, Michigan

10/28/2020 | 08:23am EST

Dublin - Perrigo Company plc (NYSE; TASE: PRGO), the leading provider of Quality, Affordable Self-Care Products, announced today that it is building a new North American Corporate Headquarters in the heart of Grand Rapids, Michigan.

The new headquarters will augment Perrigo's existing presence in West Michigan, which was established in 1887 and now includes extensive operations in Allegan, Holland and Grand Rapids.

Perrigo's new offices will be constructed in Michigan State University's (MSU) expanding Grand Rapids Innovation Park, a public-private partnership that is bringing together academic medicine, healthcare delivery and other partners interested in the transformation of health. The location places Perrigo, the world's leading over-the-counter health and wellness organization, in the company of academic, research and clinical experts found within the medical park network.

'Our commitment to Consumer Self-Care remains steadfast, and so too does our commitment to West Michigan,' said Murray S. Kessler, Perrigo President and Chief Executive Officer. 'Our future North American Corporate Headquarters in Grand Rapids will be designed to help us create adaptable workspaces that support cross-functional collaboration, work safely in a post-COVID-19 new normal world and will enhance our ability to attract diverse, highly skilled professionals. What is especially exciting is the location within the world-renowned Medical Mile, which will allow Perrigo to leverage the expertise of healthcare and innovation thought leaders who share our passion for making self-care accessible, affordable and effective for all. We are very excited about the role this project will play in helping Perrigo achieve its vision of making lives better by bringing Quality, Affordable Self-Care Products that consumers trust everywhere they are sold.'

Perrigo's expansion represents a capital investment of $44.7 million over the 15-year lease agreement offset by $3.7 million in State incentives and other collaborator commitments. It will bring approximately 170 leadership roles to the region and offset space constraints anticipated at its Allegan, Mich., campus. The Company has more than 4,000 team members in West Michigan and over 11,000 globally.

'The decision by Perrigo to establish its North American headquarters in Grand Rapids underscores the strength of Michigan's business climate and our talented workforce,' said Governor Whitmer. 'This is great news for Michigan workers, their families, and our economy as we continue to move forward with economic recovery and growth here in our state.'

'The Perrigo team is passionate about a lot of things, but our purpose is found in the empowerment we provide consumers to take control of their own health and in a way that makes self-care accessible and inclusive for everyone,' said Rich Sorota, Executive Vice President and President, Consumer Self-Care Americas. 'We believe our new space will enable meaningful collaboration for our teams and it places us in the epicenter of an innovation hub and amidst a full continuum of research, health care delivery and consumer wellness organizations that can provide inspiration for Perrigo's growth strategy.

About Perrigo

Perrigo Company plc (NYSE; TASE: PRGO) is a leading provider of Quality, Affordable Self-Care Products and over-the-counter (OTC) health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. Led by its consumer self-care strategy, Perrigo is the largest store brand OTC player in the U.S. in the categories in which it competes through more than 9,000 SKUs under customer 'own brand' labels. Additionally, Perrigo is a Top 5 OTC company by revenue in Europe, where it markets more than 200 branded OTC products throughout 28 countries. The Company also commercializes and manufactures generic prescription products in the U.S.

Contact:

Lyndsey Chmiel

Email: Lyndsey.Chmiel@perrigo.com

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 5 114 M - -
Net income 2020 65,6 M - -
Net Debt 2020 2 738 M - -
P/E ratio 2020 63,7x
Yield 2020 2,06%
Capitalization 5 909 M 5 909 M -
EV / Sales 2020 1,69x
EV / Sales 2021 1,57x
Nbr of Employees 11 200
Free-Float 99,2%
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 52,89 $
Last Close Price 43,29 $
Spread / Highest target 47,8%
Spread / Average Target 22,2%
Spread / Lowest Target -7,60%
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Managers and Directors
NameTitle
Murray S. Kessler President, Chief Executive Officer & Director
Rolf Allan Classon Chairman
Raymond P. Silcock Chief Financial & Accounting Officer
Thomas Farrington Chief Information Officer & Executive VP
Grainne Quinn Chief Medical Officer & Executive Vice President
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