PARSIPPANY, N.J., Aug. 11, 2011 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that its Anda Distribution division will construct a 234,000 square foot, state-of-the-art pharmaceutical distribution facility in Olive Branch, DeSoto County, MS. The Company said the facility, which is expected to begin operation in the second quarter of 2012, will employ approximately 70 workers. Anda officials credited the cooperation of the Mississippi Development Authority and Governor Haley Barbour's administration in its decision to invest approximately $23.5 million in the construction and outfitting of the Mississippi facility, and the relocation of operations from its current facility in Groveport, Ohio, to the state. IDI has been hired to construct the building at Crossroads Distribution Center, which is located just off Highway 78 in Olive Branch.
"We are very appreciative of the pro-business, pro-investment climate of Mississippi and Governor Barbour's administration, and of the welcome and support we have received from the state, DeSoto County and Olive Branch government and business leaders," said Albert Paonessa III, Executive Vice President and Chief Operating Officer of Anda Distribution. "We are proud to join the number of companies that have located operations, or expanded current operations here, over the past several years. We look forward to being a solid contributor to local employment, the local business community, and to enhancing our service to our national customers following our initiation of operations at the Olive Branch facility."
"Our new Olive Branch facility will enable Anda to maximize our proximity to and business relationship with Fed Ex, our current primary shipper," Paonessa continued. "The new facility, as planned, will be more appropriately sized than our current leased facility in Ohio, resulting in significant efficiencies that will further streamline Anda's operations. Finally, Mississippi was very supportive of our efforts to locate in the greater Memphis area, and to creating additional jobs to support the local economy."
About AndaAnda Distribution is the fourth largest U.S. distributor of generic pharmaceuticals. Anda primarily distributes generic, select brand pharmaceutical products, vaccines, injectables and over-the-counter medicines from more than 200 suppliers to more than 65,000 locations, including 11,000 physician accounts, 17,000 independent pharmacies, and more than 35,000 chain locations. Additionally, Anda sells to members of buying groups, which are independent pharmacies that join together to enhance their buying power. Anda presently distributes products from facilities in Weston, Florida and Groveport, Ohio.
About Watson Pharmaceuticals, Inc.Watson Pharmaceuticals, Inc. is an integrated global specialty pharmaceutical company. The Company is engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. Watson has operations in many of the world's established and growing international markets. In 2010, Watson had global revenues, including Anda, of approximately $3.6 billion.
For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.
About IDIIDI is a real estate company focused exclusively on industrial property. The company, headquartered in Atlanta, Georgia, provides development, investment and property management and leasing services supported by eight, strategically located U.S. market offices. Valued at $1.8 billion, IDI is among the largest privately-held logistics property companies in North America with ownership or interests in 33 million square feet of investment grade assets.
Since the company's founding in 1989, IDI has built a reputation for delivering superior quality properties and service. To date, IDI has developed and acquired 134 million square feet of industrial space and completed more than 500 industrial facilities in the U.S., Canada and Mexico. The company's investment portfolio, focused on building long-term value, holds more than 22 million square feet of assets and the company manages a portfolio of 50 million square feet.
Forward-Looking Statement Statements contained in this press release that refer to Watson's or Anda's estimated or anticipated financial results or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. For instance, any statements in this press release concerning prospects related to Watson's product launch timing, the date of opening the new distribution facility in Mississippi, and anticipated financial performance are forward-looking statements. It is important to note that Watson's goals and expectations are not predictions of actual performance. Watson's performance, at times, will differ from its goals and expectations. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business. These factors include, among others, the difficulty of predicting the timing or outcome of U.S. Food and Drug Administration (FDA), U.S. Drug Enforcement Administration (DEA) or other federal, state or local regulatory agency inspections, approvals or actions; risks of delays caused by unavailability of materials or labor, strikes or other factors outside of Watson's control; risks that the carrying values of assets may be negatively impacted by future events and circumstances; timely and successful consummation and implementation of strategic initiatives, including the construction and commencement of operations at the Mississippi distribution facility; successful compliance with FDA, DEA and other governmental regulations applicable to Watson's and its third party manufacturers' facilities, products and/or businesses; changes in generally accepted accounting principles; and such other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's annual report on Form 10-K for the period ended December 31, 2010, and Watson's quarterly report on Form 10-Q for the period ended June 30, 2011. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.
(Logo: http://photos.prnewswire.com/prnh/20100121/LA41294LOGO)CONTACTS:Investors:Patty Eisenhaur(862) 261-8141Media:Charlie Mayr(862) 261-8030
|SOURCE Watson Pharmaceuticals, Inc.|
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