news-record.com

HIGH POINT (MCT) — Banner Pharmacaps Inc., a pharmaceutical company with headquarters in High Point, is being sold by parent company VION N.V.

VION, based in the Netherlands, produces foods and ingredients for humans and animals.

''VION's long-term plan is now focused exclusively on the agrifood business and no longer includes the pharmaceuticals business," said Charles Cain, Banner's global vice president of legal and human resources.

It is too early to say what impact, if any, a sale would have on existing jobs at Banner Pharmacaps, Cain said. VION has joined with Bank of America in New York and they are identifying interested parties for the purchase of the company, Cain said.

As of Dec. 31, 2008, Banner was the 12th largest employer in High Point, providing 550 full-time equivalent jobs, according to the High Point Economic Development Corp.'s 2008 annual report. Additionally, it was ranked the 13th largest taxpayer with a total valuation of $34,286,900.

In 2008, it added 58 jobs to High Point.

Roger E. Gordon, president and CEO of Banner, said VION is under no obligation to sell.

''It's purely a strategic reason. They are trying to find a parent for Banner," he said.

Employees were notified in March that the selling process had started.

In addition to its High Point headquarters, which houses Banner's global research and development department, as well as its largest manufacturing facility, Banner also has international manufacturing facilities and employs about 1,200 worldwide.

The company produces soflet gelcaps in the United States for major brands including Aleve, Excedrin and Advil.