Perrigo Company PLC is selling its U.S. vitamins, minerals and supplements business to International Vitamin Corporation, it announced on Monday.
"Our decision late last year to divest the U.S. (vitamins, minerals and supplements) business was part of our ongoing portfolio assessment and ensures that we remain focused on our most profitable and strategic businesses, said John Hendrickson, who was promoted to CEO of Perrigo in April, after a short tenure as president and several years with the company.
"Having explored various options over the past several months, we are pleased to have reached an agreement to sell the business to (International Vitamin Corporation)," Hendrickson said. "We look forward to working with the IVC team to seamlessly transition the business and ensure that our customers continue to receive exceptional service during this transitional period."
The transaction, which is expected to close by early August, will make IVC "the largest provider of private-label supplements in the U.S., in terms of dollar volume and units sold," according to TheStreet.
The Dublin-based company, which was founded in 1887, is the world's largest manufacturer of over-the-counter products and supplier of infant formulas, according to its website.
Warner Norcross & Judd LLP served as Perrigo's legal advisor, and Houlihan Lokey served as Perrigo's exclusive financial advisor on the transaction.
Perrigo purchased Elan Corp. PLC in 2013, creating a global healthcare company.