PRINCETON, N.J. – January 23, 2014 – Covance, Inc. (NYSE: CVD) today announced the expansion of its nutritional chemistry and food safety services which will open a new 10,000 square foot laboratory this summer within its existing facility in Harrogate, England. This new lab will complement existing laboratories in Madison, Wis., Battle Creek , Mich., Greenfield, Ind., and Singapore and will help Covance continue to promote food safety and nutritional health on a global scale.
"Our new European site for nutritional chemistry and food safety services will enable us to provide the consistency of service and quality testing that our clients have come to expect from Covance, from a location that is closer and more convenient to their European operations," said Brad Riemenapp, VP and General Manager, NCFS. "In Harrogate we will conduct cutting-edge research in food contaminants testing and the full spectrum of nutritional chemistry."
Harrogate is an excellent choice for this expansion for many reasons, including a strong pool of talent, appropriate lab space availability, potential to leverage high quality existing Covance capabilities, and proximity to the airport.
In the first year of operation, 25 new positions are expected to be added in Harrogate, and over 100 positions are expected within the first five years of operation.
Thanks to a £575,000 (approximately $975,000 USD) grant from the Leeds City Region Local Enterprise Partnership Business Growth Programme, made possible through the Government's Regional Growth Fund, Covance will also be undertaking exciting new research in the area of contaminants testing at the Harrogate site.
Roger Marsh, Chair of the Leeds City Region Local Enterprise Partnership commented: "Covance is not only a global leader in its field but also a major employer in the Leeds City Region and this investment aims to boost the number of jobs and skills the company can offer local people.
"The expertise and intelligence behind this new research into nutritional health and food testing puts the Leeds City Region on the map and enhances our reputation as a great place to do business."
In welcoming the project, David Willetts, Minister for Universities and Science, said "Having launched the UK's Strategy for Agricultural Technologies this summer, I am pleased that this project aligns with our efforts to accelerate translation of research. The joint funding into Covance's new research centre demonstrates the importance and commitment that Covance and the UK Government have in nutritional health and innovative research."
For more than 80 years, Covance has been a leader in testing for the food, dietary supplement, infant formula, ag biotech, restaurant, and pet food industries. Covance's work in nutritional chemistry and food safety helps promote a safe and healthy global food supply.
"Covance's nutritional chemistry and food safety services are known for consistency in testing procedures and processes, as well as attention to detail and customer service," said Riemenapp, "We are excited to bring this tradition of excellence to Europe."
About Covance Inc.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $2.2 billion and more than 12,000 employees located in over 60 countries. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.
Forward Looking Statement
Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss or delay of large studies, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, testing mix and geographic mix of kit receipts in central laboratories, fluctuations in currency exchange rates, the realization of savings from the Company's announced restructuring actions, the cost and pace of completion of our information technology projects and the realization of benefits therefrom, the satisfaction of the conditions of the note purchase agreement and the closing thereof and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.