MADISON, N.J. and SUZHOU, China, March 10 /PRNewswire-FirstCall/ -- Wyeth (NYSE: WYE) announced today that it is investing $280 million to build a state-of-the-art nutritional manufacturing facility in Suzhou Industrial Park, Jiangsu Province, China. The new facility will primarily produce infant formula milk powder and other nutritional products. When completed, the site will be one of the world's largest nutritional manufacturing facilities.
"This investment reflects Wyeth's long-term commitment to pediatric nutrition, as well as the recognition that China is now the fastest-growing market for Wyeth's worldwide nutritional business. When completed, this facility will enable us to meet the growing demand for nutritional products in the Chinese market," said Robert Essner, Wyeth's Chairman of the Board. "A key element of our Company's mission is ensuring that infants and children have access to the best and highest-quality products. This site will help us achieve this objective."
The new facility will become part of Wyeth's global nutritional manufacturing and supply network and will feature state-of-the-art technology for manufacturing milk powder for infants and young children.
Construction at the site started this month, and the plant is scheduled to be operational by late 2010. At full operation, the plant is expected to employ about 500 employees. Products made at this facility will primarily supply the local market.
About Wyeth Pharmaceuticals
Wyeth Pharmaceuticals, a division of Wyeth (NYSE: WYE), has leading products in the areas of women's health care, infectious disease, gastrointestinal health, central nervous system, inflammation, transplantation, hemophilia, oncology, vaccines and nutritional products.
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
The statements in this press release that are not historical facts are forward-looking statements based on current expectations of future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include the inherent uncertainty of the timing and success of, and expense associated with, research, development, regulatory approval and commercialization of our products, including with respect to our pipeline products; government cost-containment initiatives; restrictions on third-party payments for our products; substantial competition in our industry, including from branded and generic products; data generated on our products; the importance of strong performance from our principal products and our anticipated new product introductions; the highly regulated nature of our business; product liability, intellectual property and other litigation risks and environmental liabilities; uncertainty regarding our intellectual property rights and those of others; difficulties associated with, and regulatory compliance with respect to, manufacturing of our products; risks associated with our strategic relationships; economic conditions including interest and currency exchange rate fluctuations; changes in generally accepted accounting principles; trade buying patterns; the impact of legislation and regulatory compliance; risks and uncertainties associated with global operations and sales; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual report on Form 10-K, particularly the discussion under the caption "Item 1A, RISK FACTORS." The forward-looking statements in this press release are qualified by these risk factors. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
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