Bloomington's Cook Group Sells Subsidiary For $950 Million, Buys Old GE Factory
BLOOMINGTON, Ind. – Cook Group Inc. based out of Bloomington says it will sell one of its subsidiaries, Cook Pharmica, to Catalent Inc. for $950 million.
According to Inside Indiana Business, Cook Group President Pete Yonkman says the jobs of 750 people who work for Cook Pharmica are “all secure” as part of the deal. In a statement, Yonkman said, "All of those [Cook Pharmica] employees will become part of Catalent’s growing biologics business."
The sale between Cook Group and Catalent must first be approved by the federal government. The deal is likely to be finalized by the end of the year.
In addition, Cook Group also announced they have purchased the former GE refrigeration plant on the west side of Bloomington, which it says will lead to 500 new jobs in Monroe County over the next ten years as part of plans to "modernize its manufacturing process". The former GE factory shut down last year.
“Both of these decisions will have a positive impact on our employees, our business and also on the local economy and workforce," said Yonkman. "Today, more than ever, we are committed to Bloomington. It’s our home.”
Photo courtesy of Inside Indiana Business