McKesson Corporation Essential To Memphis Business Landscape

Release date: 11/18/2009

With over 800 employees and a presence in Memphis since the 1940’s, McKesson Drug will be the first company to go through the Memphis/Shelby County Industrial Development Board’s Retention Payment‐In‐Lieu‐Of‐Taxes (PILOT) Program. (The retention program will give companies operating in Memphis for at least ten years the opportunity to gain PILOT benefits under certain conditions.) If the full project comes to fruition, McKesson will invest over $186 million to build a new state‐of‐the art, energy‐efficient, logistic and supply‐chain headquarters in Memphis.

As the oldest and world’s largest pharmaceutical company, McKesson is ranked eighteenth on the Fortune 500. The company distributes one‐third of the medicines used in North America, supplying more than 40,000 U.S. health care locations from Wal‐Mart to the Department of Veterans Affairs to community pharmacies. It is also the nation's leading health care IT company, with software and hardware technology installed in more than 70% of the nation's hospitals that have more than 200 beds.

“As one of the preeminent companies in the pharmaceutical industry, it is imperative that we do everything in our power to keep these high‐quality jobs in Memphis/Shelby County,” said Mark Herbison, Sr. Vice President for the Greater Memphis Chamber. “This new retention incentive will give us the tools to keep great companies like McKesson while still generate new net revenues for our city and county governments.”

The Chamber’s Economic Development staff has worked closely with the City/County Office of Economic Development to develop and gain approval of this new retention incentive which will give Memphis/Shelby County additional tools to retain jobs and business.

The Greater Memphis Chamber is the lead economic development agency for Memphis/Shelby County, and is a private, non‐profit, membership‐driven organization comprised of 2,300 business enterprises, civic organizations, educational institutions and individuals. In 2007, the Greater Memphis Chamber was named one of the Top 20 Economic Development Agencies in the Country by Site Selection Magazine. www.MemphisChamber.com

The Greater Memphis Chamber is the lead economic development agency for Memphis/Shelby County, and is a private, non-profit, membership-driven organization comprised of 2,300 business enterprises, civic organizations, educational institutions and individuals.