Integer Completes Two Irish Facility Expansions to Support Growth, Strengthen Capabilities in Critical Medtech Region

Rhea-AI Summary

Integer Holdings (NYSE: ITGR) has completed two facility expansions in Ireland, reinforcing its commitment to the region's medical device sector. The company officially opened a new $30 million, 67,000 sq. ft. European medical device innovation and manufacturing center in Galway on Sept. 20, 2024. This follows the opening of an 80,000 sq. ft. expansion of its guidewire manufacturing facility in New Ross, County Wexford, earlier in the month.

These expansions, combined with the $140 million acquisition of Aran Biomedical in Spiddal in 2022, represent significant investments in Integer's Irish operations. The company has increased its manufacturing capacity in New Ross by over 70% and plans to grow its workforce in Galway by 100-200 employees in the coming years. Integer currently employs more than 1,700 people in Ireland.

Positive

• Completion of $30 million, 67,000 sq. ft. innovation and manufacturing center in Galway
• 80,000 sq. ft. expansion of guidewire manufacturing facility in New Ross
• 70% increase in manufacturing capacity at the New Ross site
• Acquisition of Aran Biomedical for $140 million, enhancing biomaterial technologies capabilities
• Planned workforce increase of 100-200 employees in Galway
• 25% increase in employees at New Ross since 2020

Negative

• None.

~ New Facility in Galway, Expansion in New Ross and Recent Acquisition of Aran Biomedical Underscore Integer’s Commitment to Customers’ Continued Growth and Innovation ~

PLANO, Texas, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Integer Holdings Corporation (NYSE: ITGR), a leading medical device contract development and manufacturing organization (CDMO), today formally announced the completion of its facility expansions in Ireland. The occasion was marked with the official opening of Integer’s new European medical device innovation and manufacturing center in Galway, Ireland, on Sept. 20. This announcement followed the official opening of an 80,000 sq. ft. expansion of Integer’s guidewire manufacturing facility in New Ross, County Wexford, Ireland, earlier this month.

Combined with the acquisition of Aran Biomedical in Spiddal, Ireland, in 2022, these substantial investments reinforce Integer’s commitment to the Ireland medical device cluster where Integer has had a presence since 1994. In addition, these investments help to ensure Integer’s continued ability to serve its customers both locally and globally, as well as expand capacity to meet increasing customer demand for guidewires, catheters, medical textiles and delivery systems in the years to come.

Integer’s new $30 million, 67,000 sq. ft. facility in the Parkmore East area of Galway will support increasing demand for regional research, development, and manufacturing as well as additional capacity for catheters, medical textiles, and delivery systems. The significant manufacturing space in the same facility allows a seamless transition of new products from development to manufacturing, further enabling Integer’s ability to help customers bring products to market faster. While this initial phase of development satisfies immediate needs, the company has obtained planning permission for a total of 147,000 sq. ft. of space at the Parkmore East location and, subject to planning permission, has enough space to grow that facility’s manufacturing footprint to 300,000 sq. ft.

In addition to the new facility in Galway, Integer has completed a $60 million capital investment in its facility in New Ross, County Wexford. This investment increases manufacturing capacity at the New Ross site by more than 70%, adding 80,000 sq. ft. to the current facility, bringing the total square footage to 215,000, and includes new state-of-the-art manufacturing equipment to support customers’ long-term growth.

In 2022, Integer acquired Aran Biomedical, a leader in proprietary medical textiles, high-precision biomaterial coverings and coatings, and advanced metal and polymer braiding, based in Spiddal. The $140 million acquisition has since furthered Integer’s ability to provide highly differentiated, proprietary biomaterial technologies for implantable cardiovascular devices to enable customers’ innovation globally.

“Our expansion in Ireland provides Integer with the capacity and differentiated capabilities to amplify our customers’ innovation and help them bring products to market faster,” said Joseph Dziedzic, Integer President and CEO. “Integer’s significant investment in Ireland demonstrates our commitment to supporting our customers’ growth and furthers our unparalleled ability to be their partner of choice for developing the next generation of lifesaving and life-enhancing medical therapies.”

“Since Integer, then Lake Region Medical, first expanded into Ireland 30 years ago, our local team of talented professionals has partnered with leading medical device companies to develop and supply innovative, high-quality products to customers around the globe,” said John Harris, Integer Executive Vice President, Global Operations and Manufacturing Strategy. “We are excited about the expansion of our development and manufacturing network in Ireland and look forward to continued growth as we strengthen our ability to support our customers’ long-term strategy and technology needs, both in Ireland and globally.”

Minister for Enterprise Trade & Employment Peter Burke TD said, “Huge congratulations to Integer on these significant announcements. A new European medical device innovation manufacturing facility in Galway, acquisition of Aran Biomedical, Spiddal, and indeed, expansion at their manufacturing facility in New Ross, County Wexford. This is great news for both the West and South-East regions and is in line with both Government and IDA's commitment to ensuring balanced regional investments and employment opportunities on our island. The news further underscores Ireland's global importance in the Lifesciences and MedTech industries and cements Integer's commitment to our country. Thanks to Integer for their continued investment in Ireland, and I wish all the teams throughout the country the very best with these new and exciting projects.”

Minister of State for Trade Promotion, Digital and Company Regulation Dara Calleary TD said, “I very much welcome Integer's announcement of three large scale regional investments. The West region has an ever increasing cohort of multinationals, including a significant number of Lifesciences and Med Tech companies. This news further marks the West as an import hub globally and is a huge boost for Galway and surrounding areas. I am also thrilled that this announcement includes an expansion at their Wexford facility, which will increase their manufacturing capacity by 70%. Friday’s event clearly highlights the importance Integer places on their Irish facilities as the company grows into the future. Good luck to all of those involved in these fantastic initiatives.”

Integer’s presence in Ireland spans 30 years. Throughout that period, the company has consistently invested in its infrastructure, technology and associates. The completion of these significant projects announced today as well as the acquisition of Aran Biomedical continue that trend, reinforcing Integer’s commitment to its Irish operations and customers.

Integer also continues to increase employment in Ireland, with more than 1,700 currently employed in the region. In Galway, the company is on track with its previously announced commitment to increase jobs by 100-200 in the coming years. In New Ross, Integer has increased its number of employees by 25% since 2020. It is expected this trend will continue in line with customer demand.

IDA Ireland CEO Michael Lohan said, “Integer’s continuing expansion in Ireland, following 30 years of success here, is a wonderful vote of confidence in the strong business growth opportunities that Ireland offers. The new manufacturing facility in Galway and the expansion in Wexford highlight the skills and talent that our regional locations can offer the medical technology sector. IDA Ireland is committed to bringing high quality investment to regional locations around Ireland. I wish the Integer team continued success.”

Learn more about Integer at www.integer.net.

About Integer^®
Integer Holdings Corporation (NYSE:ITGR) is one of the largest medical device contract development and manufacturing organizations (CDMO) in the world, serving the cardiac rhythm management, neuromodulation, and cardio and vascular markets. As a strategic partner of choice to medical device companies and OEMs, the Company is committed to enhancing the lives of patients worldwide by providing innovative, high-quality products and solutions. The Company's brands include Greatbatch Medical^®, Lake Region Medical^® and Electrochem^®. Additional information is available at www.integer.net.

Forward-Looking Statements
Some of the statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the statements relating to our expectation of continued compliance with covenants and the benefits of the amendment. You can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or variations or the negative of these terms or other comparable terminology. These statements are only predictions and actual events or results may differ materially from those stated or implied by these forward-looking statements. In evaluating these statements, you should carefully consider a number of factors, including, but not limited to, risks and uncertainties that arise from time to time and are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the SEC. Except as may be required by law, we assume no obligation to update forward-looking statements in this press release, whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.

Investor Relations: Andrew Senn andrew.senn@integer.net 763.951.8312		Media Relations: Kelly Butler kelly.butler@integer.net 469.731.6617

FAQ

What new facilities has Integer (ITGR) opened in Ireland?

Integer has opened a new $30 million, 67,000 sq. ft. European medical device innovation and manufacturing center in Galway, and completed an 80,000 sq. ft. expansion of its guidewire manufacturing facility in New Ross, County Wexford.

How much did Integer (ITGR) invest in its New Ross facility expansion?

Integer invested $60 million in capital for the expansion of its New Ross facility in County Wexford, Ireland.

What was the value of Integer's (ITGR) acquisition of Aran Biomedical?

Integer acquired Aran Biomedical in Spiddal, Ireland, for $140 million in 2022.

How many employees does Integer (ITGR) currently have in Ireland?

Integer currently employs more than 1,700 people in Ireland across its various facilities.

What is the manufacturing capacity increase at Integer's (ITGR) New Ross site?

The investment in the New Ross facility has increased manufacturing capacity by more than 70%.