ALLEGAN (WKZO) — Perrigo has managed to avoid a hostile takeover but it has come at a price, costing some west Michigan employees their jobs.
The Holland Sentinel reports the generic drug manufacturer is laying off 100 people at their headquarters in Allegan.
It is part of a push to eliminate 800 employees or 6% of their global workforce to make the company more profitable, and therefore more attractive to stockholders, as a stand-alone firm.
They were trying at the time to fend off a lucrative counter offer from Mylan, a bigger fish in the Pharmaceutical pond that was attempting to buy majority interest in the company.
Promises made must be kept, especially after Perrigo stock fell after the deal was scuttled.
Perrigo management now has some steep profit projections to try to meet. They are also spending money buying back stock, trying to make the company less of a takeover target.
