ALLEGAN, Mich., Oct. 1, 2012 /PRNewswire/ -- Perrigo Company (Nasdaq: PRGO; TASE) today announced that it has closed the acquisition of Sergeant's Pet Care Products, Inc. (Sergeant's), a privately-held, Omaha, Nebraska-based manufacturer of over-the-counter companion animal healthcare products, for approximately $285 million in cash. As previously highlighted, Perrigo expects to receive a significant tax benefit generated from the amortization of the step-up in tax basis resulting from the acquisition of Sergeant's assets. This increase in basis is expected to result in cash tax savings to Perrigo over the next 15 years. The estimated net present value of these savings is approximately $50 million.
Perrigo Chairman and CEO Joseph C. Papa stated, "We are very pleased to welcome the Sergeant's team to the Perrigo family. This acquisition allows us to expand our Consumer Healthcare portfolio by penetrating the pet care category, an adjacency of interest to our retail customers. Sergeant's has a proven record of innovation and high quality manufacturing with great customer service. We are excited to begin offering flea and tick, health and well-being, and consumable products at affordable prices to pet owners."
Sergeant's Pet Care Products, Inc., based in Omaha, Nebraska is a leading supplier of pet supplies including flea and tick remedies, health and well-being products, natural and formulated treats, and consumable products. Sergeant's has been caring for pets since 1868, and is America's oldest full-line pet supplies company with one of the most trusted names in pet care.
From its beginnings as a packager of generic home remedies in 1887, Allegan, Michigan-based Perrigo Company has grown to become a leading global provider of quality, affordable healthcare products. Perrigo develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, dietary supplements and active pharmaceutical ingredients (API). The Company is the world's largest manufacturer of OTC pharmaceutical products for the store brand market. The Company's primary markets and locations of logistics operations have evolved over the years to include the United States, Israel, Mexico, the United Kingdom, India, China and Australia. Visit Perrigo on the Internet (http://www.perrigo.com).
Note: Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended June 30, 2012, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Perrigo Company