MedTech Giant Abbott To Inject Over €400M In Ireland To Expand Production Of Glucose Monitoring Tech

MedTech Giant Abbott To Inject Over €400M In Ireland To Expand Production Of Glucose Monitoring Tech
  • Abbott Laboratories ABT is investing €440 million in Ireland with plans for a major new manufacturing plant in Kilkenny and additional jobs in Donegal, state investment agency IDA Ireland said.
  • The company plans to hire 1,000 people in Ireland, which has 5,000 staff in the country.
  • Abbott will expand its manufacturing facilities in the northwest county of Donegal and build a new plant at the other end of the country in Kilkenny.
  • Subject to planning permission, the new 250,000 sq. ft. manufacturing facility will give Abbott the capacity to substantially increase the production of its FreeStyle Libre technology for people with diabetes. The new plant is expected to open in 2024.
  • The Freestyle Libre 3 glucose monitors allow diabetes patients to avoid carrying out finger-prick tests several times daily to check glucose levels. A sensor the size of two five-cent coins attached to the back of the arm allows patients to keep track of their glucose levels.
  • Abbott's senior vice-president for diabetes care, Jared Watkin, told the Irish Times that choosing Ireland for its increased production of devices that monitor glucose levels made strategic sense.
  • Taoiseach Micheál Martin said on Twitter that the expansion is "a big vote of confidence in Ireland's workforce, and as a place to invest."
  • Price Action: ABT shares are up 0.24% at $110.75 during the market session on the last check Friday.

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