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Updated: August 17, 2011 2:26AM
ABBOTT PARK — Abbott Laboratories said Tuesday it will invest $230 million to build a state-of-the-art nutrition manufacturing facility in Jiaxing, China.
The facility represents Abbott’s largest investment in China to date and will manufacture premium powdered milk products for Chinese infants and children.
At the same time, the company said it anticipates launching a number of new product innovations over the next three years across the pediatric nutrition category in China. More than 17 million infants are born each year in China.
“This facility will play a key role in providing science-based, innovative nutritional products to infants and children, while helping to build a healthier future for China,” said John Landgraf, Abbott executive vice president, Nutritional Products. “Building a strong local manufacturing base will position us to better provide Chinese parents the same high-quality products they rely on today, even faster.”
The plant, when operational in 2013, will employ approximately 300 people.
With the addition of the new facility in Jiaxing, located midway between Shanghai and Hangzhou, Abbott will have opened six manufacturing and research and development facilities in its nutrition and pharmaceuticals businesses in the Asia-Pacific region during the past three years, including three in China.
Abbott expects to increase its nutrition revenues in China to more than $1 billion by the end of 2014. China also continues to be an important part of Abbott’s emerging markets strategy. In the first half of the year, more than 26 percent of Abbott’s global sales were in emerging markets and nearly 42 percent of Abbott Nutrition’s global sales were in emerging markets.
Abbott has been operating in China for nearly 20 years and currently has more than 3,000 employees in the country.