San José, (July 4, 2011) Boston Scientific Corporation (NYSE: BSX) today announced that it has completed the expansion of its manufacturing facility in Heredia, Costa Rica. This initiative will enable the Company to continue to expand certain production processes at this facility.
Boston Scientific began renovating the plant in June 2009 and completed work several months ago. The Company now expects to add more than 250 engineering, production, quality and process-development employees to its existing plant workforce of 350 within the next year.
“Medical and precision equipment are among our top five exports, and last year grew to represent 8.3 percent of the $9.3 billion of goods exported from Costa Rica,” said Minister of Foreign Commerce Anabel González. “Boston Scientific has become a leading company contributing to our medical device sector growth. Its Heredia facility expansion is excellent news and will help increase our country’s participation in this important sector.”
Gabriela Llobet, General Director of CINDE (Costa Rican Investment Promotion Agency), said, “The expansion of Boston Scientific in Costa Rica, most recently in Heredia, has become a success story that allows us to constantly promote our country to other companies. Its strong performance confirms Costa Rica as an ideal location from which industry leaders can operate.”
Boston Scientific is the only medical device company with two manufacturing plants in Costa Rica. One is located in the Free Zone Propark in Coyol de Alajuela, while the other is in Heredia’s Global Park Free Zone. Production there will incorporate leading-edge technologies such as laser and plasma welding, UV and infrared radiation as well as laser imaging.
“The proven success of our manufacturing facilities in Costa Rica gave the Company confidence to expand and diversify our manufacturing operations here,” said Luis Javier Serrano, Vice President of Operations of Boston Scientific Costa Rica. “We are confident that we will continue to manufacture and deliver high quality products to Boston Scientific’s diverse global customers.”
About Boston Scientific
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like “anticipate,” “expect,” “project,” “believe,” “plan,” “estimate,” “intend” and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our business plans, manufacturing capabilities, manufacturing operations and work force expansion in Costa Rica, product quality and performance and competitive offerings. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other things: future political, environmental, economic, competitive, reimbursement, legal and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; manufacturing interuptions; legal and regulatory compliance and future business decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A – Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this document.
Ignacio Solís Gómez