Walgreens Completes Acquisitions, Announces Promotions
Deerfield, Ill. Walgreen Co. announced Thursday that it has completed its acquisition of I-trax, Inc., parent company of CHD Meridian Healthcare, and Whole Health Management, which together operate more than 350 worksite health centers.
On March 17, Walgreens announced its intent to acquire I-trax, Inc. in a cash transaction valued at approximately $278 million, including the assumption of debt. Walgreens also announced on March 17 its agreement to acquire Whole Health Management; terms of the deal weren’t disclosed.
The combined companies, with Walgreens wholly owned Take Care Health Systems, will form the platform for the new Walgreens Health and Wellness division.
In related news, Walgreens has promoted Kenneth E. Amos to divisional VP of loss prevention, and has named William T. (Tom) Grayson VP of pharmacy acquisitions. Amos was director of loss prevention. Previously, Grayson was a VP of store operations.
OfficeMax 1Q sales fall on weak economy
NAPERVILLE, Ill. OfficeMax announced that for its first quarter ended March 29, total sales decreased 5.5% to $2.3 billion compared to the first quarter of 2007. Net income increased in the first quarter of 2008 to $63.3 million, or 81 cents per diluted share, from $58.5 million, or 76 cents per diluted share, in the first quarter of 2007.
OfficeMax Retail segment sales decreased 5.5% to $1.11 billion in the first quarter of 2008 compared to the first quarter of 2007, reflecting a same-store sales decrease of 8.7% partially offset by sales from new stores. Retail same-store sales for the first quarter of 2008 declined across all major product categories due to weaker U.S. consumer and small business spending and the negative impact of the Easter holiday occurring in the first quarter of 2008.
IKEA to open first U.S. manufacturing facility
DANVILLE, Va. IKEA, through its subsidiary Swedwood, announced that it will open its first U.S. furniture manufacturing facility on May 21 in Danville, Va. The 930,000 square-foot Swedwood factory will produce a variety of wood-based IKEA products, the company reported.
“We made excellent progress on construction last year and our installation of equipment and machinery has gone very smoothly,” said Bengt Danielsson, North American president of Swedwood. “Now our primary objective is to complete appropriate operational training for 175 coworkers as well as to ensure a seamless production and packaging process.”