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Perrigo buying infant formula maker PBM Holdings

Wed, 03/24/2010 - 3:17am
The Associated Press

Perrigo Co. is buying Virginia-based infant formula maker PBM Holdings Inc. for $808 million in cash.

Perrigo announced the deal Tuesday. The Allegan, Mich.-based company says it expects the buyout to add $300 million to sales during the first fiscal year, along with 10 cents per share in profit.

Gordonsville, Va.-based PBM is a privately held maker of over-the-counter, store brand infant formula and baby food. Perrigo is the largest U.S. maker of store-brand over-the-counter drugs.

The deal is expected to close during Perrigo's fiscal fourth quarter.

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