DEERFIELD, Ill., April 28, 2011 - Walgreen Co. (NYSE: WAG) (NASDAQ: WAG) today announced a definitive agreement in which the company will acquire substantially all of the assets of 10 Carle RxExpress pharmacies in east central Illinois from The Carle Foundation, an Urbana, Ill.-based not-for-profit parent company of an integrated network of health care services.
Walgreens plans to continue operating six of the acquired pharmacies. Three other locations will close and prescription files and inventory will be transferred to nearby Walgreens pharmacies. The remaining location will be consolidated with one of the six pharmacies that will continue to operate.
“We are pleased to maintain convenient access to high quality pharmacy, health and wellness services for Carle RxExpress patients across east central Illinois,” said Scott Haynes, Walgreens market vice president for central Illinois. “We are working with Carle to make this transition as seamless as possible and quickly introduce our new customers to the expanded services that have helped build Walgreens reputation for patient care in the region. We also look forward to welcoming many of Carle’s staff members who will help us continue its tradition of service to these communities.”
Walgreens has committed to hire a majority of the current Carle RxExpress employees, and will interview all RxExpress employees who apply for positions.
Completion of the transaction is subject to certain conditions and is expected to close by July. Financial terms of the agreement were not disclosed.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that could cause actual results to vary materially from those indicated, including the ability to satisfy the closing conditions, consummate the proposed transaction on a timely basis or at all, successfully integrate the acquired business, and other factors described in Walgreens Annual Report on Form 10-K for the year ended August 31, 2010 and subsequent SEC filings, which risks and uncertainties are incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except to the extent required by law, Walgreens disclaims any obligation to update any forward-looking statements after the distribution of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.
About Walgreens
Walgreens (www.walgreens.com) is the nation's largest drugstore chain with fiscal 2010 sales of $67 billion. The company operates 7,697 drugstores in all 50 states, the District of Columbia and Puerto Rico. Each day, Walgreens provides nearly 6 million customers the most convenient, multi-channel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with respiratory services. These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. Take Care Health Systems is a Walgreens subsidiary that is the largest and most comprehensive manager of worksite health centers and in-store convenient care clinics, with more than 700 locations throughout the country.