Stevanato Group to Create Manufacturing Hub in China
March 10 2022 - 8:30AM
Business Wire
Stevanato Group (NYSE: STVN) (the “Company”), a global provider
of drug containment, drug delivery and diagnostic solutions to the
pharmaceutical, biotechnology and life sciences industries, today
announced the acquisition of a facility in Zhangjiagang for a new
plant where the Company expects to begin renovations in the spring
2022, as part of the latest phase of its expansion in China.
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The new facility is located near the Company’s drug containment
solutions facility in the Jiangsu Zhangjiagang Economic and
Technological Development Zone, helping to cement the area as a
major center of biopharmaceutical innovation. The facility is
expected to be up to 32,000 square meters including engineering
space. The Company is expected to employ approximately 270 people
in the China hub. As a strategic hub for the Company’s operations
in the country, we believe the plant will support the Chinese
pharmaceutical industry by streamlining the drug development supply
chain in the country from lab through commercialization and help
meet the increased demand for biologics.
The state-of-the-art facility is expected to host (i) production
of high-value solutions, such as pre-sterilized EZ-fill® syringes
and vials, to meet the growing demand in the biotech and vaccine
market, as well as (ii) a manufacturing area for visual inspection
machines and glass forming lines, featuring cutting-edge production
processes and technologies. Equipment production is expected to
start in 2023, with the first EZ-fill® lines due to be operative in
early 2024.
In addition, the Company expects to enlarge its current standard
drug containment solution production in Zhangjiagang, increasing
the size of the existing facility by approximately 7,000 square
meters. This site is expected to allow to almost double current
production capabilities by end of 2024.
“We are excited to continue our expansion in China as part of
our strategic priorities to optimize global footprint,” said Franco
Moro, Chief Executive Officer of the Company. “Beginning
construction on our new manufacturing hub is an important milestone
for Stevanato Group in a key market, and will allow us to better
serve local customers with premium drug containment solutions and
machinery supply.”
On March 10, 2022, the Company hosted a ribbon cutting event to
celebrate the new hub at the presence of local Zhangjiagang and
ZETDZ authorities, Italian Consulate representatives in China.
About Stevanato Group
Founded in 1949, Stevanato Group is a leading global provider of
drug containment, drug delivery and diagnostic solutions to the
pharmaceutical, biotechnology and life sciences industries. The
Group delivers an integrated, end-to-end portfolio of products,
processes and services that address customer needs across the
entire drug life cycle at each of the development, clinical and
commercial stages. Stevanato Group’s core capabilities in
scientific research and development, its commitment to technical
innovation and its engineering excellence are central to its
ability to offer value added solutions to clients. To learn more,
visit stevanatogroup.com.
Forward-Looking Statements
This press release may include forward-looking statements. The
words "will", “expected”, “expects”, "due to", "believe", and
similar expressions (or their negative) identify certain of these
forward-looking statements. These forward-looking statements are
statements regarding the Company's intentions, beliefs or current
expectations concerning, among other things, expectations regarding
the development of the industry and the competitive environment,
the expansion of manufacturing capacity, the timeline of completion
of the new Chinese plant, the Company’s plans regarding its
presence in the Chinese market, the Company’s capacity to support
the Chinese pharmaceutical industry, business strategies,
workforce, the Company’s capacity to meet future market demands,
business decisions of key industry partners, and results of
operations. The forward-looking statements in this press release
are based on numerous assumptions regarding the Company’s present
and future business strategies and the environment in which the
Company will operate in the future. Forward-looking statements
involve inherent known and unknown risks, uncertainties and
contingencies because they relate to events and depend on
circumstances that may or may not occur in the future and may cause
the actual results, performance or achievements of the Company to
be materially different from those expressed or implied by such
forward looking statements. Many of these risks and uncertainties
relate to factors that are beyond the Company's ability to control
or estimate precisely, such as future market conditions, currency
fluctuations, the behavior of other market participants, the
actions of regulators and other factors such as the Company's
ability to continue to obtain financing to meet its liquidity
needs, changes in the political, social and regulatory framework in
which the Company operates or in economic or technological trends
or conditions. In particular, the Company may determine not to
conduct a registered initial public offering in the time frame that
it currently expects or at all, due to a number of potential
important factors, including conditions in the U.S. capital
markets, negative global economic conditions, potential negative
developments in the Company’s business, or unfavorable or
regulatory developments. Readers should therefore not place undue
reliance on these statements, particularly not in connection with
any contract or investment decision. Except as required by law, the
company assumes no obligation to update any such forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220310005572/en/
Media Stevanato Group media@stevanatogroup.com
Investor Relations Lisa Miles
lisa.miles@stevanatogroup.com
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