Perrigo to invest $40 million in Israel
As part of the investment, Perrigo plans to add another 100 employees to its two plants in Israel, it said.
U.S. generic drugmaker Perrigo said on Thursday that it will invest $40 million in Israel over the next three years expand its research and development and production.
As part of the investment, Perrigo plans to add another 100 employees to its two plants in Israel, it said. Perrigo has expanded its workforce in Israel by 40% over the past three years to about 900 people.
Perrigo's 2011 sales from Israel were NIS 1.6 billion shekels, or $411 million, for a rise of 20% from 2010. Global sales were $2.76 billion. The company said it expects another year of double-digit sales growth at Perrigo Israel. Most of the products developed and manufactured in Israel are shipped to the United States and Europe.
John Hendrickson, Perrigo's senior vice president for global operations, told reporters that Israel is the company's second largest operation after its U.S. headquarters. It has 20 sites worldwide including China, Australia, the UK and India.
"The decision to expand our activities in Israel was made following great success of our operations in the country until now," he said, adding that a significant amount of Perrigo's drugs are produced in Israel.