Par Industries LLC history

1978: Par Pharmaceutical, Inc. is formed.

Based in Indianapolis, BetaMED was founded in 1979 by Gregory and Judith Buckley, along with Martin Sweeney, a former Eli Lilly & Co. executive.

In 1980, Sid Kirby retired and sold PAR to Ian Glen and Henry Lewis who between them had over 40 years' experience in the rubber industry.

He would later go on to start PAR (Manchester) Ltd in 1982.

In 1983, trading as PAR (Preston) Ltd and PAR (Manchester) Ltd, the companies began to advertise themselves as specialists in all plastic, insulation and rubber products.

The company underwent a number of management changes and endured a string of losses before seeking Chapter 11 bankruptcy protection in June 1984.

In 1985 it paid nearly $1.2 million in cash to acquire an 80 percent stake in another publicly traded generic firm, bankrupt BetaMED Pharmaceuticals, Inc.

To support its growing business in generics, Par in 1987 established an in-house advertising agency, Generic Innovations, Inc., and Par Printing Enterprises, Inc., to provide printing services.

In 1988, PAR (Preston) Ltd moved into larger premises at Club Street, Bamber Bridge approximately 3 miles away.

By August 1989 Par was in difficult straits.

Par bought them out and shut Quad in 1990." Sawyer also provided investigators with other key evidence. "As executives left the company under fire," according to Business Week, "Sawyer made it a practice to search their offices.

He also engineered a restructuring of the business in 1991, creating Pharmaceutical Resources, Inc. (PRI) to act as a holding company for Par.

Sawyer agreed to meet with Shah, but he alerted the FBI." The hotel room where they met was bugged and Shah was soon arrested and charged with conspiracy to defraud the FDA in June 1992.

Revenues peaked at $74.5 million in 1993, and the company posted four consecutive years of profit.

The company introduced its first website in November 1999 and awareness of PAR not only spread throughout the UK but also into Europe and worldwide.

Throughout the rest of the 2000's, further investments were made in staff, manufacturing facilities and marketing.

In August 2001, Merck decided to cash in on its investment in PRI, selling its shares for $27 each, a total of $366 million, which represented a tidy profit on the investment.

The company enjoyed another year of impressive financial results, with net income in 2002 of more than $70 million.

PAR launched the next iteration of their website in July 2003 and recruited within the sales and production departments at both sites.

The company, which had renamed itself Par Pharmaceutical Companies, Inc. by 2004, hoped to continue to follow its successful formula of allying itself with foreign drug manufacturers to market drugs in the United States market.

PAR Industries LLC was established in 2008.

On the 31st October 2011, the Preston branch moved to a 30,000 sq ft premises in Chorley.

The third edition of the PAR Group catalogue was released on the 8th August 2013 and featured significant improvements from the previous publication.

On the 13th April 2017, PAR Group launched an online shop; PAR Direct.

Tim’s brother, Jason Mohrfeld, managed his own electrical crew in central Iowa before the two decided at the end of 2020 to come together under the PAR name, combining resources to form the ultimate crew.

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