Cook Creates 'Really Big Day in Bloomington'

Posted: Updated:
Cook Pharmica is located in a former RCA facility in Bloomington. Cook Pharmica is located in a former RCA facility in Bloomington.
BLOOMINGTON -

The president of Bloomington-based Cook Group Inc. says Tuesday's agreement to sell its Cook Pharmica LLC subsidiary to New Jersey-based Catalent Inc. (NYSE: CTLT) and the decision to acquire a former General Electric facility near the company's headquarters will have a positive impact on the city and state. Pete Yonkman says the nearly $1 billion dollar deal for Cook Pharmica has been six months in the making. "Selling a company for Cook is not something that happens very often," Yonkman told Indiana INdiana Business. "In fact, it's pretty rare in our history." Because of this, he added, there were a number of significant considerations.

"We wanted to make sure -- first and foremost -- that it was good for our employees at Cook Pharmica. We wanted to give them an opportunity to grow and continue to expand. Would it be good for our customers and patients that we serve? And then also, would it be good for the community -- in this case, Bloomington?" Yonkman continued. "Having now gone through this for six months, I could say for sure that all three stakeholders will see really positive benefits from this deal."

The sale, which is expected to be complete in the next three months, diversifies Bloomington's robust biosciences portfolio with a third global presence along with Cook and Illinois-based Baxter BioPharma Solutions. "You really do have a new life sciences hub in southern Indiana and we think that's great for everybody involved," Yonkman says.

"It's kind of symbolic," Bloomington Mayor John Hamilton told Inside INdiana Business Host Gerry Dick. "Cook has now acquired the old television factory, RCA (where Cook Pharmica is located). They're just now acquiring the old refrigerator factory, GE, and turning it them both into the new economy, major manufacturing facilities. That needs to happen at the ground level, too, with the smaller companies, the new startups, as we convert to the new economy."

Cook Group, Bloomington's largest private employer, says Catalent is looking to "aggressively" invest in Bloomington and it will establish a center of excellence there through the Cook Pharmica acquisition. The former GE plant, located close to the Cook campus, produced refrigerators for some 50 years in Monroe County before the company pulled out for good last year. Cook Group says it will use the additional space to help with production modernization efforts, which could also result in an additional 500 employees in Bloomington.

  • Perspectives

    • Market Volatility - Fodder for Financial Fears

      Fact: The value of the stock market goes up and down.  It’s called “market volatility”.  How concerned should you be with a thousand point change in the index? Since your reaction can impact your personal portfolio, it’s most important that you have a good perspective. Significant price movements in the stock market grabbed headlines and captivated media pundits throughout 2018. The last week of the year the market experienced large price swings...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Indiana Liquor Group to Buy Save-On Liquor Chain

      Indiana Liquor Group LLC will work with the Indiana Alcohol & Tobacco Commission this week for final approval of its purchase of Save-On Liquor stores. Our partners at The Herald Bulletin report Phillip E. Miller agreed to sell the 31-location package store chain to ILG last month. 

    • Loeb Stadium Project in Final Design Phase

      The $17 million overhaul of Loeb Stadium in Lafayette is in its final planning stages. The Journal & Courier says the overall design of the project is complete, which includes flipping the field, an additional suite and a new entrance designed to be a more visible landmark. Lafayette Mayor Tony Roswarski unveiled plans for the reimagining of the more than 75-year-old stadium in 2017. The city council earlier this month approved a $17 million bond to fund the project.

    • BMWC Constructors Announce Leadership Changes

      Indianapolis-based BMWC Constructors, Inc. continues their strategic growth with leadership changes. Chairman of the Board Jim Davis retired after eight years in the role and after 30 years with the company.  President and Chief Executive Officer Brian Acton will move into the role of Chairman of the Board, while remaining CEO. 

    • New Tourism Director Has Plans For Growth

      The new director of the Indiana Office of Tourism Development says she hopes to create a strategic plan to continue the growth of tourism in the state. Misty Weisensteiner began her new role earlier this month after being appointed by Lieutenant Governor Suzanne Crouch in December. The former executive director of the Orange County Economic Development Partnership says tourism and economic development go hand-in-hand and there needs to be a greater focus on that relationship.

    • Eleven Fifty Says State Support Will Bring '100x Return'

      As Eleven Fifty Academy looks to expand statewide, founder Scott Jones is looking to state legislators for support. He says Next Level Jobs legislation two years ago allowed the coding academy to access about $1.5 million to grow its programs, which he says will result in $150 million in Hoosier income over 10 years. Jones is now looking for up to $20 million, which he says could lead to $1.5 billion in Hoosier income over a decade. During an interview on Inside INdiana Business...