The company will relocate its Fort Wright, Ky. office and consolidate operations in the new Cincinnati headquarters.
The relocation is contingent upon full and final approval of tax credit packages offered by the city of Cincinnati and the state of Ohio.
The move, which will transfer Omnicare’s corporate positions to the new headquarters one mile away is expected to start in December and be completed by next June.
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.
“With our move to Ohio, we are reducing our own overhead costs without disrupting the daily lives of our employees,” said John Figueroa, chief executive officer of Omnicare. “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.”
Figueroa credited Ohio Governor John Kasich, Cincinnati Mayor Mark Mallory and JobsOhio President Mark Kvamme for their leadership in helping Omnicare grow its corporate presence while lowering costs by locating in Cincinnati.
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 its corporate operations, according to a statement issued Monday.
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.
Cincinnati Mayor Mark Mallory welcomed news of the transition.
“Gaining a Fortune 400 company is a big win for the city of Cincinnati,” Mallory said. “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.”
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