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Swiss pharmaceutical company Novartis AG (NVS) said Monday it is planning to invest over 500 million Swiss francs ($550 million) building a new manufacturing facility in Switzerland.
-The company said the investment underlines the long-term strategy of Novartis to establish a worldwide manufacturing network of technology centers.
-The new production site in Stein, Switzerland, is expected to be fully operational by end of 2016.
-"This investment is further strengthening the importance of Stein as Manufacturing Center of Excellence for sterile and solid dosage forms and will play a key role in our global production network," said Joseph Jimenez, CEO of Novartis. "It also strengthens our presence in Switzerland, which remains a center of key importance for Novartis."
-The Stein site in Canton Aargau is the largest production facility of the Pharmaceuticals Division. Every year, the approximately 1,400 associates at the site produce over 4.1 billion tablets, capsules, ampoules, prefilled syringes, vials and transdermal therapeutic systems, which are exported to over 150 countries.
-The new set-up will allow Novartis to adapt its production capacity more quickly depending on an evolving portfolio and market demand. The center will serve approximately 150 markets globally.
-Zurich Bureau, Dow Jones Newswires, +41 43 443 80 47; firstname.lastname@example.org