MADISON, N.J. and TUAS, Singapore, April 7, 2008 /PRNewswire-FirstCall/
-- Wyeth (NYSE: WYE) announced today it will invest $96 million (SGD $134
million) to expand its existing nutritional manufacturing facility in Tuas,
Singapore.
The expansion was officially announced during a groundbreaking ceremony
at the site attended by Company officials and representatives from the
Singapore Economic Development Board, which is partnering with Wyeth to
support the successful completion of the project.
"This investment reflects Wyeth's 90-year heritage of scientific
innovation and commitment to pediatric nutrition," says Mark Larsen,
President, Asia Pacific and Nutritionals, Wyeth Pharmaceuticals. "A key
element of our Company's mission is ensuring that infants and children have
access to the best and highest-quality products. This site will help us to
continue to achieve that objective."
The state-of-the-art facility, utilizing the strictest operational and
quality standards, will produce key brands of Wyeth nutritional products
for infants and toddlers, including formula and milk products sold as
Progress and Promise. The expansion will increase the plant's capacity by
50 percent, enabling the facility to increase its supply to the Singapore
market, as well as manufacturing additional product for export to other key
markets throughout the Asia Pacific region.
Expansion at the Tuas site is the final phase of a $500 million capital
improvement project in the Asia Pacific region, which includes previously
announced investments to Wyeth's global nutritional manufacturing and
supply operations in China and the Philippines.
Ms. Aw Kah Peng, Assistant Managing Director, Singapore Economic
Development Board, said the Government was pleased with the announcement of
yet another significant investment in Singapore.
"The Economic Development Board is committed to ensuring the ongoing
success of Singapore by maintaining a pro-business environment that
facilitates multi-national companies' global expansion. This multi-million
dollar capital intensive project provides further testament of Singapore's
strategic position as key partner to leverage opportunities in expanding
Asian market. We look forward to continuing our strong partnership with
Wyeth."
About Wyeth Nutritionals Singapore Pte. Ltd.
Wyeth Nutritionals Singapore Pte. Ltd. currently operates a nutritional
manufacturing plant in Tuas. The facility is used for the manufacture and
packaging of infant formula and toddler nutritional powders. These powders
are distributed to Wyeth markets in the Asia Pacific region.
About Wyeth Pharmaceuticals
Wyeth Pharmaceuticals, a division of Wyeth, has leading products in the
areas of women's health care, infectious disease, gastrointestinal health,
central nervous system, inflammation, transplantation, hemophilia,
oncology, vaccines and nutritional products.
Wyeth is one of the world's largest research-driven pharmaceutical and
health care products companies. It is a leader in the discovery,
development, manufacturing and marketing of pharmaceuticals, vaccines,
biotechnology products and non-prescription medicines that improve the
quality of life for people worldwide. The Company's major divisions include
Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal
Health.
The statements in this press release that are not historical facts are
forward-looking statements based on current expectations of future events
and are subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such statements.
These risks and uncertainties include the inherent uncertainty of the
timing and success of, and expense associated with, research, development,
regulatory approval and commercialization of our products, including with
respect to our pipeline products; government cost-containment initiatives;
restrictions on third-party payments for our products; substantial
competition in our industry, including from branded and generic products;
data generated on our products; the importance of strong performance from
our principal products and our anticipated new product introductions; the
highly regulated nature of our business; product liability, intellectual
property and other litigation risks and environmental liabilities;
uncertainty regarding our intellectual property rights and those of others;
difficulties associated with, and regulatory compliance with respect to,
manufacturing of our products; risks associated with our strategic
relationships; economic conditions including interest and currency exchange
rate fluctuations; changes in generally accepted accounting principles;
trade buying patterns; the impact of legislation and regulatory compliance;
risks and uncertainties associated with global operations and sales; and
other risks and uncertainties, including those detailed from time to time
in our periodic reports filed with the Securities and Exchange Commission,
including our current reports on Form 8-K, quarterly reports on Form 10-Q
and annual report on Form 10-K, particularly the discussion under the
caption "Item 1A, RISK FACTORS." The forward-looking statements in this
press release are qualified by these risk factors. We assume no obligation
to publicly update any forward-looking statements, whether as a result of
new information, future developments or otherwise.
For more information, visit http://www.Wyeth.com
SOURCE Wyeth
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Related links:
http://www.wyeth.com
CONTACT:
Media, Rohaya Mamat, Wyeth, Singapore, Cell,
+60 12488-0110, Office, +603 7953-2238, or Kevin Wiggins, Wyeth
Pharmaceuticals, +01 484 865-5158; or Investors, Justin Victoria,
Wyeth, +01 973 660-5340
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