ALLEGAN (WKZO) -- The Allegan Based Perrigo will spend 8.6-billion to buy the Irish drug maker Elan, and while company officials are ecstatic, not everyone is happy about it.
Perrigo not only expands its international footprint with the deal, but by moving its headquarters to Ireland, Executive V.P. John Hendrickson says Perrigo can save cut its tax burden.
In fact they can cut it by half to a third of what they pay in the U.S.A.
He says if they move their headquarters to Dublin, they say it would be in paper only, nothing would change in Allegan, at least in the short term.
Wall Street didn’t like the marriage of the generic drug firm and a firm making and marketing original drugs, dropping Perrigo Stock by $8.
The Governor says he doesn’t like the idea of losing a company headquarters, and just months ago, Senator Carl Levin was railing against Apple in a Senate Committee Hearing for doing this very thing, avoiding taxes by forming shell corporations in Ireland.