Baxter International Inc. (BAX) will build a manufacturing
facility in Covington, Ga., as part of its efforts to expand its
plasma-based treatments for immune disorders, trauma and other
critical conditions.
The medical-products company projects capital investments at the
site will exceed $1 billion over the next five years as it creates
more than 1,500 full-time positions in Georgia and a total of
roughly 2,000 jobs across multiple U.S. locations. The company has
a total of about 48,500 employees.
Construction will begin this year and commercial production is
expected to start in 2018. The new plasma fractionation facility
will add up to 3 million liters of new capacity annually when fully
operational.
Baxter, unlike some other health-care companies, has seen
consistent sales and profit growth in recent quarters as the
medical devices, pharmaceuticals and biotechnologies it makes treat
serious medical problems that can't be ignored, such as cancer,
immune disorders and trauma. The product mix has made it less
susceptible to patients looking to pare medical costs amid a slow
economic recovery.
The company reported in January its fourth-quarter earnings rose
9.5% as sales growth in both its BioScience and medical products
segments contributed to a 2.7% revenue increase.
Shares closed Wednesday at $54.39 and were inactive premarket.
The stock is up 9.9% so far this year.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283;
melodie.warner@dowjones.com