Boston Scientific invests €26 million in R&D at Clonmel facility
Investment supported by grant funding from Government through IDA Ireland
Clonmel, 8th August 2011 – Boston Scientific Corporation (NYSE: BSX) and Irish Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, announced today that the Company is investing €26 million in research and development at its Clonmel facility. The investment is supported by the Government through IDA Ireland.
The investment will enable Boston Scientific to significantly expand its R&D and technical capabilities related to the design of the Company’s next-generation cardiac rhythm management devices manufactured at the Clonmel facility.
Commenting on the announcement, Minister Bruton said, “I have repeatedly stated that if we are to create the jobs and growth we so badly need, we must relentlessly promote an innovation agenda. R&D investments by leading multinationals like Boston Scientific not only create high-value jobs, but also provide substantial spin-off benefits for Irish businesses, researchers and ultimately the economy. This investment is great news for Clonmel, and we must seize this opportunity to ensure that investments like this can be replicated across the country to create jobs and get the economy growing again.”
Brad Sorenson, Vice President of Operations for Boston Scientific, said, “This local funding will benefit our Cardiology, Rhythm and Vascular Group by enhancing our ability to provide R&D, design and manufacturing support for our leading medical device technologies. I am confident that, with the talent and expertise of our Clonmel staff, we can continue to successfully commercialize new life-saving innovations for our customers and their patients worldwide.”
“Boston Scientific is a major player in the medical technologies sector in Ireland and makes a substantial contribution to our economy each year,” said Barry O’Leary, CEO of IDA Ireland. “This R&D investment in Clonmel perfectly demonstrates the transformation agenda set out in IDA’s strategy Horizon 2020. IDA worked closely with the Company to secure this R&D investment and we look forward to helping to facilitate its future development plans.”
Boston Scientific established operations in Ireland in 1994 and is one of the country’s largest employers, with campuses in Clonmel, Galway and Cork.
About Boston Scientific
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like “anticipate,” “expect,” “project,” “believe,” “plan,” “estimate,” “intend” and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our R&D and technical capabilities, product launches, product performance and competitive offerings. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; and future business decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A – Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this document.
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I am confident that, with the talent and expertise of our Clonmel staff, we can continue to successfully commercialize new life-saving innovations for our customers and their patients worldwide. Brad Sorenson, Vice President of Operations for Boston Scientific