ALLEGAN (AP) -- Record profits. Job openings. Shareholders making money. It's not what you might think in Michigan, home to the country's highest unemployment rate, but a century-old company is in robust health thanks to achy, thifty Americans.
Perrigo Co., the nation's largest manufacturer of generic over-the-counter medications, reported more than $61 million in profit during its last quarter -- a 60 percent spike from the same time last year. Its sales revenue hit $528 million, a 16 percent jump. It also adjusted its 12-month earnings forecast upward and boosted its shareholder dividend.
"We feel very good about what the potential is because, unfortunately, people still get sick," chief executive Joseph Papa said.
"We make over 40 billion tablets per year," he added. "That breaks down to every second, over 1,000 people take a Perrigo product."
With business expected to remain strong, the 122-year-old company wants to fill 60 positions with scientists, engineers and quality-control experts.
Although the state had the nation's highest unemployment rate in September at 15.3 percent, the health care and life sciences industries are thriving in southwestern Michigan.
Print this story
E-mail this story
