Cabinet for Economic Development
GOVERNOR FLETCHER ANNOUNCES PHARMERICA CORPORATION TO LOCATE ITS CORPORATE HEADQUARTERS IN LOUISVILLE

Press Release Date:  Tuesday, January 23, 2007  
Contact Information:  Mandy Lambert, (502) 564-7670  


FRANKFORT, KY – Governor Ernie Fletcher and Economic Development Cabinet Secretary Gene Strong announced today that 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.

 

“The addition of PharMerica Corporation’s corporate headquarters to Louisville demonstrates the level of confidence they have in Kentucky’s workforce and business climate,” said Governor Fletcher. “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.  A pharmacy typically services facilities within a 120-mile radius of its location.

 

“We want to thank Governor Fletcher, Secretary Gene Strong, Louisville Mayor Jerry Abramson and Greater Louisville Inc. for putting together an aggressive incentive package,” said Paul J. Diaz, Kindred’s President and Chief Executive Officer. “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.  An additional 200 jobs, with an average annual salary in excess of $77,000, will be created as a result of this project.

 

"It's great to see a homegrown, hometown company like Kindred expanding its reach and creating more quality jobs," said Louisville Mayor Jerry Abramson. "We're excited they've chosen Louisville as the new corporate home for PharMerica Corporation.”

"Kindred's decision to expand their local presence by headquartering PharMerica Corporation in Louisville is an outstanding way to start 2007," said Joe Reagan, President and CEO of Greater Louisville Inc.- The Metro Chamber of Commerce. "Through collaboration with our partners from the state and city, as well as the support of business leaders across the region, we were able to present a winning proposal in support of our community to those making this important decision."

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.

 

A community profile for Jefferson County can be found at the following link: http://www.thinkkentucky.com/edis/cmnty/cw/cw091/Location.htm.

                                 

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The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2006 totaled more than $3.4 billion with the creation of over 18,500 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at www.ThinkKentucky.com.