Boston Scientific to Establish Regional Manufacturing Hub in Malaysia
Groundbreaking marks Boston Scientific’s continued expansion in Asia
PENANG, 11 April 2016 – Expanding its manufacturing footprint in the Asia Pacific region, Boston Scientific Corporation (NYSE: BSX) today marked the commencement of construction work on a regional manufacturing hub during a groundbreaking ceremony in Penang. Located at the Batu Kawan Industrial Park, the completion of the facility is planned for the fourth quarter of 2017.
The groundbreaking ceremony was officiated by Yang Berhormat Dato' Lee Chee Leong, Deputy Minister of International Trade and Industry (MITI); Yang Amat Berhormat Mr. Lim Guan Eng, Chief Minister of Penang; His Excellency Mr. Joseph Y. Yun, Ambassador of the United States to Malaysia; Dato’ Azman Mahmud, Chief Executive Officer of Malaysian Investment Development Authority (MIDA); Mr. Ed Mackey, Executive Vice President, Operations, Boston Scientific; Mr Brad Sorenson, Senior Vice President, Manufacturing and Supply Chain, Boston Scientific and Mr Dave Mitchell, Vice President and General Manager, Manufacturing and Distribution, Boston Scientific.
“Expanding our manufacturing operations into Penang will support the continued global growth of Boston Scientific and allow us to better serve the needs of physicians and patients in Asia Pacific,” said Ed Mackey. “Malaysia is an ideal geographic location with an infrastructure that is conducive for business, particularly in the growing medical device sector,”
“The Penang facility is a key component in Boston Scientific’s overall presence in the Asia Pacific, Middle East and Africa. We have also invested in entering new emerging markets, establishing seven regional training institutes for physicians and other healthcare professionals, and building the regional and global R&D capabilities, all with the aim of bringing medical solutions for the best patient care and outcomes,” said Supratim Bose, Executive Vice President and President, Asia Pacific, Middle East and Africa, Boston Scientific.
Yang Berhormat Dato' Lee Chee Leong commented, “The medical device industry presents many opportunities within Malaysia’s industrial landscape. Boston Scientific’s expansion in Malaysia is fitting and timely as this industry is expected to play a vital role in Malaysia’s aspiration to be a high income nation by 2020.”
Presently, Boston Scientific supplies medical technologies to over 15 markets across Asia. The company’s products are used to diagnose or treat a wide range of medical conditions, including heart, digestive, pulmonary, vascular, urological, and chronic pain conditions. Together with its commercial office in Kuala Lumpur, the planned 375,000-square-foot manufacturing facility in Penang is expected to employ about 400 personnel over the next several years. The Asian medical devices market is currently valued at over US$6.5 billion (RM26 billion).
“Boston Scientific’s entry into Malaysia with a facility in Penang is a true testament to the state’s successful track record in providing a conducive and efficient environment for business. There are currently over 55 medical solutions companies with a presence in Penang, and I am proud to see this list continue to grow through investments by cutting-edge high tech companies such as Boston Scientific,” said Yang Amat Berhormat Lim Guan Eng, Chief Minister of Penang.
For those interested in finding out more about the roles available at the new Boston Scientific Manufacturing Facility, they can do so online at http://www.bostonscientific.com/en-MY from late April.
About Boston Scientific
Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for more than 35 years, we advance science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare. For more information, visit www.bostonscientific.com and connect on Twitter and Facebook.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like “anticipate,” “expect,” “project,” “believe,” “plan,” “estimate,” “intend” and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our business plans and the establishment of a regional manufacturing hub in Malaysia and its impact. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
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