Close
4

Company profile for Penick Corporation

Client EmailClient Virtual Booth
PENICK CORPORATION
  • About

  • Contact Details

  • Login

  • Meet Us at...

  • Login

PharmaCompass
About the Company
S.B. Penick, Sr. founded the Company in Marion, North Carolina in 1914. Its beginnings were humble, as merchants and millers of drugs of vegetable origin gathered from nearby fields and woods. World War I created huge demand for the Company’s products and led to significant expansion, acquisitions and the opening of a plant and offices in New York. The pattern of internal growth coupled with acquisitions continued into the...
S.B. Penick, Sr. founded the Company in Marion, North Carolina in 1914. Its beginnings were humble, as merchants and millers of drugs of vegetable origin gathered from nearby fields and woods. World War I created huge demand for the Company’s products and led to significant expansion, acquisitions and the opening of a plant and offices in New York. The pattern of internal growth coupled with acquisitions continued into the mid 1960’s when a multinational conglomerate corporation acquired the S. B. PENICK COMPANY. At the time of its acquisition S.B.Penick was considered by many to be the largest supplier in the world of botanicals for pharmaceutical and allied uses. Original logo circa 1950's Unfortunately the acquisition led to the S.B. Penick Company being broken up into many pieces with each one being sold over a period of about 20 years. The last remaining piece, known as Penick Pharmaceuticals, was sold to a private investor in 1988. At that time Penick Pharmaceuticals was producing a variety of inorganic chemicals, especially bismuth salts, several products via chemical synthesis or fermentation and a full range of opiate narcotics. Its main products were codeine and morphine. But misfortune continued. A combination of factors led the company into financial difficulties. Most important were a significant decline in the market price of codeine and the Savings and Loan crisis in the United States. It happened that the main bank that had provided the money for the acquisition of Penick was effectively taken over by U.S. Regulators. That ultimately led to a liquidity problem (a shortage of working capital) at Penick. Penick responded by doing whatever it could to reduce the need for working capital. One of those was to reduce its production activities, especially for narcotics, because these demanded high levels of working capital. The plan and expectation were that it would be possible to find another financial backer to replace its bank or to sell the company to someone who had the necessary capital. But neither happened. The Company hung on but eventually, in 1994, was forced to declare Chapter 11 bankruptcy. In 1997 The Bankruptcy Court appointed a Trustee to run the Company. His job was to find a buyer. He did. In February 2000 a company, Penick Holding Inc., which had been formed by a group of individual investors specifically to acquire Penick, received approval from the Court for its Reorganization Plan. The Company was acquired by a group of individuals who committed themselves (and their funds) to re-establishing Penick’s historical base, its medicinal narcotics manufacturing businesses. In May 2005, Penick was acquired by Siegfried USA and all manufacturing operations were relocated to Pennsville, New Jersey. Siegfried USA is a wholly owned subsidiary of Siegfried, Ltd. of Zofingen Switzerland and has been active as a manufacturer of Active Pharmaceutical Ingredients for over 130 years. Penick has retained all of its licenses for manufacturing of controlled substances, but now from the much more modern manufacturing facility in Pennsville.
Upgrade the company profile

Upgrade this company profile// Update & customize all content.
Ask PharmaCompass, click HERE.

Send me more info on How To Grow My Bussiness Digitally?
Penick Corporation
United_States_of_America Flag
Country
Country
UNITED STATES
Address
Address
158 Mt Olivet Ave, Newark, NJ 07114
Telephone
Telephone
+1 856.678.3601
Linkedin
Linkedin
Twitter
Twitter
Client Virtual Booth

Upgrade this company profile// Update & customize all content.
Ask PharmaCompass, click HERE.

Email

ACCESS
YOUR PHARMACOMPASS
EXTRANET

Login
Virtual Booth
Virtual Booth
Market Place
Market Place
Positioning
Positioning
Broadcasting
Broadcasting
Blog
Blog
Interview
Interview
Search Engine Optimization
Search Engine
Optimization
Bussiness Intelligence Reports
Bussiness Intelligence
Reports
Bussiness Development, Marketing Intelligence
Bussiness Development
Marketing Intelligence

VIRTUAL BOOTH : It is your company profile on PharmaCompass where you can list your Sales & Marketing content. Customizing your Virtual Booth costs only 125 euros/ month [12 months subscription].

Subscribe me now
Send me more info on the VIRTUAL BOOTH

MARKET PLACE : PharmaCompass’ global market place where we receive multiple requests every day for products and services. Suppliers get connected directly over email with enquirers and as PharmaCompass is not a distributor, we do not take commission on transactions. The cost of subscribing to this option starts at 1500 euros/ year.

Subscribe me now
Send me more info on the MARKET PLACE

POSITIONING : Place your advertisements on the relevant PharmaCompass pages of your key products or services, and position your company as the leader for those offerings.

Send me the different offers
Send me more info on POSITIONING

BRANDING : You can broadcast a message throughout PharmaCompass whenever you want to communicate a new Product Launch, attendance at a trade show, new Certification, etc...

Send me the different offers
Send me more info on BRANDING

INTERVIEW : Create content for your own website and distribute it on social media. Our professional journalists will guide you through questions on the topics you wish to promote

Send me the different offers
Send me more info on the INTERVIEW

BIR// BUSINESS INTELLIGENCE REPORTS :
BUSINESS INTELLIGENCE REPORTS [APIs & Finished Formulations]
Where are your customers? How can you reduce costs? What is your competition doing? Etc... We can answer pretty much any question to help your future business strategy.

Ask Us
Send me more info on the BIR

BDMI// BUSINESS DEVELOPMENT INTELLIGENCE REPORTS :
BUSINESS DEVELOPMENT INTELLIGENCE REPORTS [Excipients & Services]
Using market intelligence data, we can support your Marketing and Sales departments by highlighting new potential prospects.

Ask Us
Send me more info on the BDMI
Ask Us for Pharmaceutical Supplier and Partner
Ask Us, Find A Supplier / Partner
No Commissions, No Strings Attached, Get Connected for FREE

What are you looking for?

How can we help you?

The request can't be empty

Please read our Privacy Policy carefully

You must agree to the privacy policy

The name can't be empty
The company can't be empty.
The email can't be empty Please enter a valid email.
The mobile can't be empty
Learn More About