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|Omnicare Announces Relocation of Corporate Headquarters to Cincinnati|
COVINGTON, Ky., September 19, 2011 - Omnicare, Inc. (NYSE:OCR) today announced that it will relocate its corporate headquarters to downtown Cincinnati, Ohio, from the Company's present location in Covington, Kentucky. The move, which is expected to begin in December and be completed by June 2012, will transfer Omnicare's corporate positions to the new headquarters one mile away. The Company will also relocate its Fort Wright, Kentucky office and consolidate operations in the new Cincinnati headquarters. Omnicare's relocation is contingent upon full and final approval of tax credit packages offered by the City of Cincinnati and the State of Ohio.
Nearly 500 Omnicare employees will make the transition to the new headquarters at the Atrium One Building, located at 201 E. Fourth St. in Cincinnati. Over the next few years, Omnicare anticipates expanding its total employee base in Cincinnati.
The Company will continue to maintain a strong presence in Kentucky, including approximately 700 employees affiliated with its Long-Term Care pharmacies and RxCrossroads, its biopharmaceutical services business based in Louisville. These businesses experienced double-digit employee growth over the past year.
"Our country has a mandate to improve the quality of healthcare while reducing costs," said John Figueroa, chief executive officer of Omnicare. "For thirty years, we have prided ourselves on offering innovative technology, sophisticated clinical expertise and economies of scale that create efficiencies for our customers, allowing them to offer superior care while controlling expenses. With our move to Ohio, we are reducing our own overhead costs without disrupting the daily lives of our employees. We believe our move to Ohio meets all the criteria of a good business decision, as it reduces healthcare costs, improves company economics, and respects the interests of our employees. We are confident that this change will allow us to continue driving forward with our critical mission."
"I especially want to thank Governor John Kasich, Cincinnati Mayor Mark Mallory and Mark Kvamme, President of JobsOhio, for their leadership in helping Omnicare grow our corporate presence while lowering costs by locating in Cincinnati," concluded Figueroa.
The decision to relocate Omnicare's headquarters is part of the Company's ongoing efforts to make its operations more efficient, and follows a thoughtful and rigorous review of Omnicare's corporate operations. Potential locations were evaluated against multiple criteria, including costs and ease of access for Omnicare's current workforce. Atrium One provides a professional work environment complete with excellent amenities, and its downtown Cincinnati location is home to many local businesses, restaurants and services.
"I want to welcome Omnicare to Downtown Cincinnati. Gaining a Fortune 400 company is a big win for the City of Cincinnati," Mayor Mark Mallory said. "Omnicare's employees are going to love being in the heart of the action. Part of our economic development strategy has been to invest in the vitality of Downtown and it is paying off. Downtown has been growing like crazy and companies want to be part of that resurgence and energy."
Omnicare, Inc., a Fortune 400 company based in Covington, Kentucky, provides comprehensive pharmaceutical services to patients and providers across North America. As the market-leader in professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other chronic care institutions, Omnicare leverages its unparalleled clinical insight into the geriatric market along with some of the industry's most innovative technological capabilities to the benefit of its long-term care customers. Omnicare also provides key commercialization services for the bio-pharmaceutical industry and end-of-life disease management through its Specialty Care Group. For more information, visit www.omnicare.com.
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Patrick C. Lee