Stevanato Group (NYSE:STVN) announced today that it acquired a facility in Zhangjiagang, China, for a new manufacturing plant.
Piombino Dese, Italy-based Stevanato Group expects to begin renovations on the facility in the spring of 2022 as it works to expand in China with a new manufacturing hub for drug containment, drug delivery and diagnostic development.
The new facility sits near Stevanato Group’s drug containment solutions facility in the Jiangsu Zhangjiagang Economic and Technological Development Zone. The company expects the plant to reach up to 32,000 square meters including engineering space, with approximately 270 employees set to be employed there, according to a news release.
Stevanato Group said it expects the state-of-the-art facility to host production of high-value products such as pre-sterilized EZ-fill syringes and vials as well as a manufacturing area for visual inspection machines and glass-forming lines. Equipment production is expected to begin in 2023 with the first EZ-fill lines due to be operative in early 2024.
The company plans to use the facility as a strategic hub for its China operations, supporting the Chinese pharmaceutical industry. Stevanato Group also expects to enlarge its current standard drug containment solution production in Zhangjiagang by approximately 7,000 square meters, which would almost double current production capabilities by the end of 2024.
“We are excited to continue our expansion in China as part of our strategic priorities to optimize global footprint,” Stevanato Group CEO Franco Moro said in the release. “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.”