BILLERICA, Mass.--(BUSINESS WIRE)--Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the leader in tubeless insulin pump technology with its Omnipod® Insulin Management System, today announced the Company has completed the acquisition of a facility in Acton, Massachusetts to establish a U.S. manufacturing location in the United States.
The state-of-the-art facility, when outfitted with highly-automated manufacturing equipment, will provide capacity for Insulet to manufacture on a single line up to 70 percent more pods with up to 90 percent fewer headcount as compared to all four of the Company’s current manufacturing lines at its contract manufacturer in China. Insulet will begin build-out of the facility and expects to begin production in 2019. The Company anticipates the addition of hundreds of jobs in Massachusetts over the next five years.
“This acquisition marks a major milestone in the execution of our strategic plan to expand pod manufacturing, increase productivity, improve quality and drive efficiency,” said Patrick Sullivan, Chairman and Chief Executive Officer. “The addition of U.S. production capabilities will improve our response time to customers. This will be a significant improvement to our manufacturing operations.”
Mr. Sullivan continued, “By expanding our manufacturing capabilities in the United States, we will increase our capacity to serve our customers while investing in and bringing jobs to the region. We look forward to contributing to the economic vitality of the region and playing a role in the community for years to come.”
“We are excited that a fast-growing company like Insulet has selected Acton for its U.S.-based manufacturing facility,” said Matthew J. Selby, Director of Land Use and Economic Development, Town of Acton. “Insulet’s decision to purchase and operate a facility in Acton is reflective of the town’s commitment to economic development and we welcome the new jobs this facility will bring to our community.”
About Insulet Corporation:
Insulet Corporation (NASDAQ: PODD) is an innovative medical device company dedicated to making the lives of people with diabetes easier. Through its Omnipod Insulin Management System, Insulet seeks to expand the use of insulin pump therapy among people with insulin-dependent diabetes. The Omnipod is a revolutionary and easy-to-use tubeless insulin pump that features just two parts and a fully-automated cannula insertion. Insulet's Delivery Systems business also partners with global pharmaceutical and biotechnology companies to tailor the Omnipod technology platform for the delivery of subcutaneous drugs across multiple therapeutic areas. Founded in 2000, Insulet Corporation is based in Billerica, Massachusetts. For more information, please visit: http://www.myomnipod.com.
Forward-Looking Statement:
This press release may contain forward-looking statements concerning Insulet's expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on its current expectations and beliefs concerning future developments and their potential effects on Insulet. There can be no assurance that future developments affecting Insulet will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond its control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, and other risks and uncertainties described in its Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on February 29, 2016 in the section entitled "Risk Factors," and in its other filings from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of its assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Insulet undertakes no obligation to publicly update or revise any forward-looking statements.
