In order to build shareholder value and thus ward off a hostile takeover by rival generic drug maker Mylan, Perrigo will reduce its workforce by 800 employees, or approximately 6 percent of its current global headcount.
Additional actions aimed at maximizing efficiency and productivity include:
• Perrigo is taking immediate steps to consolidate its Irish operations, supply chain and procurement management activities into one global center in Ireland.
• Perrigo has announced $2 billion share repurchase plan. The plan includes $500 million of repurchases that will be completed by the end of 2015, and an additional $1.5 billion in repurchases that Perrigo expects to complete over the subsequent 24-36 months.
• Perrigo is taking actions to refine its portfolio, including commencing a sales process for the U.S. Vitamins, Minerals and Supplements business.
Perrigo's management has rejected Mylan's tender offer -- $75 in cash and 2.3 shares of Mylan for each common share of Perrigo -- saying it significantly undervalues the company.
Read the Perrigo press release