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Gulfport landmark getting $6-million facelift, 160 employees.

Publication: Mississippi Business Journal
Publication Date: 17-MAY-04 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
GULFPORT -- One of the oldest manufacturing operations in Harrison County has a new owner who is planning to spend $6 million in upgrades and hire an additional 160 employees over the next five years in order to produce liquid generic drugs at the 132,000-square-foot factory located on U.S. 49.

The factory, which opened in 1947, is a landmark in Gulfport marked by a large bottle of Milk of Magnesia.

ANI Pharmaceutical Inc. (ANIP), a subsidiary of publicly-traded Advanced Nutraceuticals Inc. (ANII), was sold to Meridian Venture Partners in late March for approximately $3.4 million in cash, of which $250,000 is held in a short-term escrow to secure indemnity obligations, and the assumption of specified liabilities, primarily trade accounts payable. Meridian Venture Partners said proceeds from the sale were used to repay the outstanding real property mortgage, and the balance was applied to reduce the outstanding loan amounts due to the company's senior...

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