Stevanato Group is a leading global provider of drug containment, drug delivery and diagnostic solutions to the pharmaceutical, biotechnology and life sciences industries
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.
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.
Source: Company Press Release