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Insulet Hosts Groundbreaking Ceremony for its New Manufacturing Facility in Malaysia
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Insulet Corporation (NASDAQ: PODD) has announced the groundbreaking of a new manufacturing facility in Johor Bahru, Malaysia, aimed at enhancing its global manufacturing capacity. The facility will occupy around 400,000 square feet and is projected to cost $200 million over five years, creating over 500 full-time jobs upon full operation. The new site will produce the Omnipod Insulin Management System and implement environmentally responsible practices, seeking LEED certification. Production is expected to commence by mid-2024.
Positive
Investment of approximately $200 million will enhance manufacturing capabilities.
The facility will create over 500 full-time jobs, contributing to local economic growth.
Focus on sustainable manufacturing with plans for LEED certification.
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None.
ACTON, Mass.--(BUSINESS WIRE)--
Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the global leader in tubeless insulin pump technology with its Omnipod® brand of products, will host a groundbreaking ceremony for its new manufacturing facility in Malaysia, further strengthening its global manufacturing capabilities.
Insulet breaks ground on new manufacturing facility in Johor Bahru, Malaysia (Photo: Business Wire)
“We are taking an important step to further diversify globally and ensure our valued customers continue to have uninterrupted access to our life-changing products,” said Chuck Alpuche, Insulet Executive Vice President and Chief Operating Officer. “This new Malaysian factory will help support our fast-paced growth, robust innovation pipeline, and global expansion.”
The new manufacturing facility, located in Johor Bahru, will produce the Company’s Omnipod Insulin Management System and include approximately 400,000 square feet of manufacturing space. Insulet plans to invest approximately $200 million over five years and hire more than 500 full-time employees once the facility is operating at full capacity.
During the groundbreaking ceremony on June 2, Insulet will unveil plans to source environmentally responsible and resource-efficient materials for the new facility. The architectural design includes sustainable elements that qualify for Green Building Initiative (GBI) and Leadership in Energy and Environmental Design (LEED) certification. Insulet’s regional sourcing strategy includes the use of local suppliers for component parts to support the Company’s global expansion.
Insulet officials will be joined by several Malaysian dignitaries including the Malaysian Investment Development Authority, the Ministry of Internal Trade and Industry, Iskandar Regional Development Authority, Iskandar Puteri City Council, and members from the U.S. Embassy in Malaysia.
“We are pleased to welcome Insulet to Malaysia as the medical device company expands their manufacturing capabilities,” commented Lee Ting Han, Johor State Investment, Trade and Consumer Affairs Committee Chairman. “This project validates Johor’s attractiveness as a top international investment destination. We believe this new facility will play an important role in the development of the State, driving the economy and creating jobs. The Johor State Government continues to welcome high-impact businesses from around the world to ensure Johor remains the preferred location for quality investments.”
Insulet expects the manufacturing facility to be operational by the middle of 2024.
About Insulet Corporation:
Insulet Corporation (NASDAQ: PODD), headquartered in Massachusetts, is an innovative medical device company dedicated to simplifying life for people with diabetes and other conditions through its Omnipod product platform. The Omnipod Insulin Management System provides a unique alternative to traditional insulin delivery methods. With its simple, wearable design, the disposable Pod provides up to three days of non-stop insulin delivery, without the need to see or handle a needle. Insulet’s latest innovation, the Omnipod® 5 Automated Insulin Delivery System, is a tubeless automated insulin delivery system, integrated with a continuous glucose monitor to manage blood sugar with no multiple daily injections, zero fingersticks, and is fully controlled by a compatible personal smartphone. Insulet also leverages the unique design of its Pod by tailoring its Omnipod technology platform for the delivery of non-insulin subcutaneous drugs across other therapeutic areas. For more information, please visit: insulet.com and omnipod.com.
Forward-Looking Statement:
This press release may contain forward-looking statements concerning Insulet's expectations, anticipations, intentions, beliefs, or strategies regarding the future. These forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on Insulet. There can be no assurance that future developments affecting Insulet will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond its control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, and other risks and uncertainties described in its Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on February 24, 2022 in the section entitled "Risk Factors," and in its other filings from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of its assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Insulet undertakes no obligation to publicly update or revise any forward-looking statements.
