The investment includes the expansion of the company’s Reedsville, PA, site and the recently announced expansion of the Image Guided Therapy facility in Plymouth, MN, the company said.
Health technology firm Philips (PHG) on Thursday announced plans for investments of over $150 million in U.S. manufacturing and research and development.
The investment includes the expansion of the company’s Reedsville, PA, site and the recently announced expansion of Philips’ Image Guided Therapy facility in Plymouth, MN, the company said.
On Stocktwits, retail sentiment around PHG jumped from ‘bearish’ to ‘neutral’ territory over the past 24 hours, while message volume remained at ‘low’ levels.
The Reedsville site currently manufactures transducers and will also customize the software and configurations of ultrasound systems for specific clinical procedures in cardiovascular, general, and maternal care following the expansion, Philips said. The expansion of the site is expected to add 24,000 square feet of manufacturing space in addition to 40,000 square feet of warehouse space and is expected to create 120 skilled manufacturing jobs.
Meanwhile, the expansion of the company’s image-guided therapy facility in Plymouth, MN, which includes the construction of a new medtech training center, is expected to create over 150 new jobs, Philips added. The new investment is on top of its annual 900 million research and development investment in the U.S.
Philips, headquartered in the Netherlands, provides diagnostic imaging, ultrasound, image-guided therapy, monitoring, and enterprise informatics. The company has about 17,000 employees in the U.S. across 40 facilities.
PHG stock is up by 7% this year but down by about 5% over the past 12 months.
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