PharMerica Corporation to Locate Headquarters in Louisville
PharMerica Corporation, a new publicly-traded pharmaceutical company, will locate its corporate headquarters in Louisville, creating 200 new jobs. The company, which is being formed by the combination of AmerisourceBergen Corporation’s and Kindred Healthcare, Inc.’s respective institutional pharmacy businesses, will constitute the second largest national provider of institutional pharmacy services. Both AmerisourceBergen and Kindred are Fortune 500 companies. The companies announced that Gregory “Greg” S. Weishar will lead the new PharmMerica. Mr. Weishar founded PharmaCare in 1994 and led its growth into the fourth largest operation in its industry with revenues in excess of $3 billion.
Governor Fletcher said, “The addition of PharMerica Corporation’s corporate headquarters to Louisville demonstrates the level of confidence they have in Kentucky’s workforce and business climate. The competition for this project was high, ultimately resulting in a win for Kentucky. We will continue to create an atmosphere where PharMerica Corporation and other world-class companies can flourish.”
Institutional pharmacy services primarily involve providing pharmaceutical services to residents of nursing centers and assisted living facilities. Through its pharmacies, PharMerica Corporation will purchase, repackage and dispense pharmaceuticals, both prescription and non-prescription, in accordance with physician and other qualified healthcare provider orders, and deliver the medication to healthcare facilities for administration to their patients or residents.
AmerisourceBergen and Kindred state the new company will support a customer base of approximately 333,000 licensed beds in 41 states. Kindred, headquartered in Louisville, will provide information technology and administrative support to the new company.
Joe Reagan, President and CEO of Greater Louisville, Inc. – The Metro Chamber of Commerce praised Kindred’s decision to expand their local presence through headquartering PharMerica in Louisville as an “outstanding way to start 2007”. Paul J. Diaz, Kindred’s President and Chief Executive Officer, said “We think Louisville is an optimal site for the new company and are excited about creating new growth and employment opportunities for the city.”
The establishment of PharMerica Corporation’s 60,000-square-foot corporate headquarters in Louisville will entail the merger of Kindred Pharmacy Services’ corporate office staff, currently located in Louisville, into the new headquarters facility. PharMerica will create 200 new jobs, with an average annual salary in excess of $77,000 as a result of the project.
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Kindred Pharmacy Services, Inc. for tax benefits up to $8 million under the Kentucky Jobs Development Act (KJDA), an incentive program designed to attract and expand technology and service-related industries in the state. |
