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Cardinal Health history
Cardinal Health company history timeline
1971 LBO Presages Transformation of Mid-Ohio Distributor
Under the direction of Robert Walter since 1971, the company has evolved from a rather inconsequential Ohio food distributor into a trend-setting member of the pharmaceutical industry.
Founded in 1971 as Cardinal Foods by Robert D. Walter, the company was initially a food wholesaler.
The company made its first foray into pharmaceutical distribution in 1975, when it acquired Zanesville Distribution.
In less than a decade, the then-named Cardinal Foods became a prominent regional food distributor until branching into pharmaceutical distribution in 1979.
After acquiring the Bailey Drug Company in 1979, it began whole selling drugs.
The company made its first foray into pharmaceutical distribution in 1980, when it acquired a drug distributor in Zanesville, Ohio, 60 miles from Columbus, and became known as Cardinal Distribution.
Walter used the proceeds of a 1983 initial public offering to launch an acquisition spree that would gain steam over the next decade.
The company went public on the NASDAQ stock exchange in 1983.
By 1987, a year before selling its food distribution segment, Cardinal Health’s pharmaceutical distribution business had become nearly twice the size of its food distribution business.
1988: Walter sells food group to Roundy's Inc.
In 1988, Walter sold Cardinal Health's food operations to Roundy's.
1991: Cardinal's revenues exceed $1 billion.
Purchase or perish was the theme in the market that by 1993 was dominated by seven major companies which monopolized 78 percent of the industry's estimated $40 billion sales.
By the end of 1993 the company was ready to turn westward, but its rapid growth had caught the attention of well-established industry leaders McKesson Corp. and Bergen Brunswig Corp.
A 48-year-old Robert Walter appeared to be paving the way for his retirement when he hired Abbott Labs' John Kane as president and chief operating officer in 1993.
In 1994, the company signed a $900 million contract to supply mass merchandiser Kmart's nearly 1,700 pharmacies.
1994: Cardinal acquired Whitmore Distribution and Medical Strategies; company name changed to Cardinal Health.
The company changed its name to Cardinal Health in 1994, and became the third-largest pharmaceutical wholesaler in the United States.
According to Forbes magazine's 1996 analysis of United States companies' 10-year total return, Cardinal ranked 25th.
In 1996, Cardinal Health acquired Pyxis Corporation, a company that developed automated pill dispensers for hospitals, for $867 million.
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In 1997, Cardinal acquired Owen Healthcare, of Houston, Texas, a leading provider of pharmacy management and information services for hospitals.
In 1997, Cardinal Health planned to purchase Bergen Brunswig Corp., to which McKesson Corporation responded with a bid to purchase Amerisource.
1998: FTC blocks Cardinal's purchase of Burgen Brunswig; Cardinal acquires R.P. Scherer.
Then in 1999, the company acquired Allegiance Healthcare, a Chicago based medical products distributor.
Other 2000 acquisitions included Rexam Cartons, Inc.; Enhanced Derm Technologies, Inc.; ENDOlap, Inc.; Ni-Med kit manufacturing; CurranCare, LLC; VegiCaps Division (from American Home Products Corporation); and a manufacturing facility in Humacao, Puerto Rico.
In January 2001, Cardinal celebrated its 30th anniversary and began another banner year in financial records and value to customers.
Cardinal is ranked #23 on the current Fortune 50 list and was named as one of "The World's Best" companies by Forbes magazines in 2002.
R. Kerry Clark, a former executive and vice chairman at Procter & Gamble, was appointed president and CEO in April 2006, with Robert D. Walter retaining Chairmanship of the board.
In April 2006, Cardinal Health purchased Niagara Falls-based ParMed Pharmaceuticals for $40.1 million.
In June 2007, the firm announced the completion of a tender offer for VIASYS Healthcare.
In September 2008, the company announced Clark and Walter would retire and George S. Barrett would become the chairman and CEO.
In June 2010, Cardinal Health announced plans to purchase Healthcare Solutions Holding, a specialty pharmaceutical services company, for $517 million.
In December 2010, the company acquired Kinray, an independent pharmaceutical wholesaler, increasing Cardinal Health's presence in the independent pharmacy market by 40 percent.
In December 2013, it was announced that Cardinal Health would partner with CVS Caremark to form a generic drug sourcing operation in the United States.
The venture was named Red Oak Sourcing and began operations in July 2014.
In July 2014, Cardinal Health and CVS formed Red Oak Sourcing, the largest generic drug sourcing operation in the United States.
The acquisition was completed on October 4, 2015.
The acquisition was completed on July 30, 2017.
Cardinal sold Yong Yu in 2017 to Shanghai Pharmaceuticals Holding Co.
In January 2018, Michael Kaufmann assumed the role of CEO after serving as CFO of the company.
Cardinal sold the division in August 2021 to Hellman & Friedman, a private equity firm, for $1 billion.
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Cardinal Health competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| McKesson | 1833 | $309.0B | 80,000 | 438 |
| Baxter International | 1931 | $10.6B | 48,000 | 188 |
| Stryker | 1941 | $22.6B | 43,000 | 1,993 |
| PharMerica | 2006 | - | 6,000 | 1 |
| Kroger | 1883 | $147.1B | 465,000 | 7,157 |
| Walgreens | 1901 | - | 210,500 | 19,035 |
| Express Scripts Holding | 1986 | $100.1B | 26,600 | - |
| Johnson & Johnson | 1886 | $88.8B | 134,500 | 1,553 |
| Whirlpool | 1911 | $16.6B | 78,000 | 185 |
| Danaher | 1969 | $23.9B | 80,000 | 1,703 |
Cardinal Health history FAQs
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Cardinal Health may also be known as or be related to CARDINAL HEALTH INC, Cardinal Health, Cardinal Health Inc and Cardinal Health, Inc.