Boston Scientific (NYSE:BSX) is expanding into Penang, Malaysia with a new 375,000 square-foot manufacturing facility, according to a report from the New Straits Times.
The venture marks the Marlborough, Mass.-based company’s 1st foray into manufacturing in the Asia Pacific region, according to the report, and will be an essential part in the company’s expansion into the area.
The new facility will be located in the Batu Kawan Industrial Park, with an expected completion date in the 4th quarter of 2017. The facility is slated to manufacture cardiology and endoscopy devices, and cater to the needs of the region, according to the report.
“Penang came up as the best location for our first manufacturing facility in Asia as it enables us to expand our global presence in AMEA as well as provide support for local research and development and new business development. Our investment in Malaysia is driven by the country’s good business environment, a well-established manufacturing infrastructure and a growing medical sector. Under the 11th Malaysia Plan, the medical device industry is identified as a key to rapid growth alongside the aerospace, chemical, electronics and machinery sectors,” operations veep Dave Mitchell told the paper. “The initial phase includes building the capacity to produce medical devices. We are evaluating subsequent phases to confirm the best mix of products to develop in the Penang facility.”
The new facility is expected to bring with it 400 new jobs over 4 years, with “room to grow” beyond that, according to the New Straits Times.
“We are focused on employee development, and our entire team in Penang will participate in intensive training related to the staff’s specific roles in the organisation. I am happy to say that some of our new hires for the Penang facility have been sent to Ireland for training and another group of employees is undergoing training in Costa Rica. We also plan to bring in employees from overseas to help establish the Penang facility and train local leaders. We invest heavily in employee development as well as new technologies that will help us better serve the patients and physicians who use our products,” Mitchell said.
Earlier this month, Boston Scientific said that it launched the tender offer for its pending, $210 million acquisition of EndoChoice (NYSE:GI) and its line of devices for treating gastrointestinal disease.
The $8-per-share tender offer is slated to expire at midnight Nov. 4, Boston Scientific said. EndoChoice directors, affiliated funds and other stockholders have already agreed to tender the 24.4% stake they collectively own, the company said. Any shares not put up during the tender period will be cancelled and converted into the right to receive the $8 per share, Boston Scientific said.
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