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Perrigo plans spin-off of Israel biz

This article was originally published in The Rose Sheet

Executive Summary

Private label manufacturer Perrigo is looking for a buyer for its Israel consumer products segment, firm announces during a fiscal 2009 third quarter earnings call May 7. The division, which includes Careline beauty brands, has been deemed a "non-core" business for the OTC drug and nutritional products manufacturer. Israel consumer products segment experienced sales decline of 22% to $18 mil. in the third quarter and gross profit was $5 mil., down from $8 mil. in the prior-year quarter, company notes. "It is actually a business that has a good history, has got some good brands...So we do expect to see interest in the business," says CEO and Chairman Joseph C. Papa
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