Anticipating the sale of HollisterStier Laboratories LLC to an India-based company, employees at the Spokane pharmaceutical manufacturer are preparing to work with people in a time zone 12 1/2 hours ahead.
Conference calls might be held at 8 p.m. here so workers at Jubilant Organosys, which gained federal approval last week to buy HollisterStier for $122.5 million in cash, can participate at 8:30 a.m. the following morning.
“I think we’re well-prepared for that, and we’ve got plans on how to address these things,” said Anthony Bonanzino, president and CEO of HollisterStier.
The Federal Trade Commission on Wednesday granted Jubilant Organosys, one of India’s largest custom medical research and manufacturing firms, early approval of the deal. Announced late last month, the sale is scheduled to close on May 31.
The new owner will keep HollisterStier’s operations and 450 employees in Spokane, and HollisterStier continues to add workers, Bonanzino said.
“It’s been just a busy time of continuing to operate the business and get ready for the closing,” he said.
Bonanzino expects a couple months of transitional issues after the sale, such as dealing with the time difference.
Founded in 1920, HollisterStier makes allergy-treatment products and contracts to make sterile injectibles for pharmaceutical companies worldwide.
The corporation had revenues of about $55 million last year, and earnings of nearly $11 million.
Jubilant Organosys will also give HollisterStier about $16 million for the company to finish a $30 million expansion started last year.
The expansion will add 50,000 square feet to the company’s plant on North Regal Street and a second production line to fill sterile vials, which is scheduled to be online by January 2008.