PPD, one of Wilmington’s largest employers, made it to #10 on WHQR’s countdown of top news stories in 2011 as the company was sold this fall.
WHQR’s Asia Brown reports that the acquisition was a $3.9-billion-dollar deal, but company officials say day-to-day operations in the port city won’t change.
News of PPD’s possible sale first appeared in the Wall Street Journal in July. By September, the company had a new CEO, Raymond Hill.
By October, the company announced its sale to the Carlyle Group and Hellman and Friedman.
The acquisition was finalized when shareholders approved the deal, making PPD a private company.
One week after the sale, new CEO Raymond Hill resigned after mere months at his post. An executive committee is running daily operations until a new leader is hired.
PPD is a contract research organization with 1,500 employees in Wilmington and 11,000 international employees.
The company has expanded largely into overseas markets, especially China, in the last few years.
Tune in all this week as we air WHQR’s 2011 Top Ten Countdown of news stories across the Cape Fear region and state.
