Wyeth to invest RMB 2 bln in new facility in Suzhou
U.S.-based pharmaceutical company Wyeth announced on Monday that it will invest RMB 2 billion (US$280 million) to build a new plant in Suzhou Industrial Park, East China's Jiangsu province.
With a registered capital of RMB 800 million and an area of 12 hectares, the new plant will mainly focus on the production of infant formula milk powder and other high-end nutritional products to be sold in the Chinese market. It is expected to start production in 2010, with an annual production capacity of 40,800 tons.
The new plant will boost Wyeth's production of milk powder in China by 10 times. Currently, only 20% Wyeth's milk powder available in the Chinese market is made in China.
"When completed, this facility will enable us to meet the growing demand for nutritional products n the Chinese market," said Rober Essner, Chairman of Wyeth.
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