Stevanato Group (NYSE:STVN) announced today that it will begin construction on a new U.S. facility in Fishers, Indiana.
Piombino Dese, Italy-based Stevanato Group will begin construction on the new facility this month with expectations for the site to be operational in 2023.
According to a news release, constructing the new facility falls in line with Stevanato Group’s plan to locate closer to its North America-based pharmaceutical customers and provide an additional supply source for its mission-critical products.
The company expects an investment of approximately $145 million to go toward building and equipping the new manufacturing plant, which is expected to be up to 370,000 square feet. The facility will support the expansion and production of Stevanato Group’s EZ-Fill pre-sterilized drug containment systems for pharmaceutical use. It will have state-of-the-art production lines for producing the syringes and vials.
Additionally, the company plans to use the facility as a center for after-sales support for North America-based engineering customers, offering technical support along with maintenance for visual inspection, assembly and packaging equipment.
Stevanato Group’s new plant is expected to be part of a new pharmaceutical and life sciences park in Fishers (close to 20 miles outside of Indianapolis). The company plans to hire more than 230 new local employees by the end of 2025 for roles in production, engineering and maintenance — and other corporate support positions.
“We are thrilled to begin construction on our new U.S. hub, and expand our presence in one of the fastest-growing markets where we see increasing demand. We believe this will allow us to further enhance our services to our valued North America customers and underscores our desire to ensure supply chain security, just in time delivery and reliable sourcing in terms of surge capacity,” Stevanato Group CEO Franco Moro said in the release. “We are proud to join the Fishers community. This is an exciting achievement for our company, and we look forward to continuing to enable our customers — in the U.S. and around the world — to deliver safe and effective treatments to patients.”
Stevanato Group held a groundbreaking ceremony last month, with Indiana Gov. Eric J. Holcomb present for the event.
“Indiana continues to secure extraordinary growth in life sciences throughout the state, and we’re excited to partner with Stevanato Group and add it to our list of innovative life sciences companies,” Holcomb said at the event. “As a high-tech hub for life science innovation, Indiana and Fishers are committed to ensuring a thriving business climate and allowing these firms to push boundaries, continue to grow, innovate and bring value to the community.”