GEORGE TOWN, Sept 14 ― American medical device manufacturer Boston Scientific Corporation recently starting operations in Penang shows the state is a good location for investment, Chief Minister Lim Guan Eng said today.
The leading medical device manufacturer's new manufacturing plant spans 375,000 sq ft over a 20-acre (8.1ha) parcel in Batu Kawan Industrial Park.
Lim said the opening of Boston Scientific on top of the expansion of UST Global and soon-to-open Broadcom Global Distribution Warehouse were signs of confidence in Penang by American investors.
“This Boston Scientific plant is the 19th global manufacturing facility for the medical device giant, and its first in Asia,” he said. Lim was referring to a public announcement made by the New York Stock Exchange-listed company.
“This investment by a US company besides the recent expansion of UST Global and upcoming Broadcom Global Distribution Warehouse opening proves untrue allegations by certain irresponsible parties that American investment is not coming to Penang,” he added.
In April last year, Boston Scientific held a groundbreaking ceremony at the Batu Kawan Industrial Park while describing the new plant's role as a key component of its presence in the Asia Pacific, Middle East and Africa.
Lim said the plant will be opening up 400 new vacancies for locals in the next two years.
An official opening ceremony for Boston Scientific's new facility will be held in February 2018.
The new facility will be producing this year two of the company’s state-of-the-art medical products that are used in cardiovascular and endoscopy.
“Boston Scientific intends to expand its production to include urology products next year,” he said.
Lim said Boston Scientific has more than 13,000 products in its global portfolio.
Presently, Boston Scientific supplies medical technologies to more than 100 countries, out of which 15 are in Asia.
For the year ended December 31, 2016 (FY16), Boston Scientific achieved a revenue of US$8.39 billion, a 12 per cent growth from the previous year.
The company is expecting a revenue in a range of US$8.675 billion to US$8.875 billion for FY17.