By Sam Boughedda
Investing.com -- Thermo Fisher Scientific Inc (NYSE:TMO) announced the opening of its new single-use technology manufacturing site in Ogden, Utah on Wednesday.
Following the news, its stock rose by 4.15%.
The supplier of scientific instrumentation said the new facility will create additional capacity, allowing them to produce "high-quality technology and materials" to develop new vaccines and breakthrough therapies. The company added that the $44 million facility helps increase the production of single-use bioprocess containers.
The investment is part of Thermo Fisher's $650 million multi-year investment plan, announced last year to ensure improved production capacity.
The Ogden facility will be home to bioprocess container (BPC) systems production.
"The Ogden facility further strengthens our global manufacturing network, which has been growing to meet increasing demand for single-use consumables and critical raw materials," said Mitch Kennedy, president, single-use technologies at Thermo Fisher Scientific.
The new facility has hired more than 300 employees and may potentially employ up to 450 over across its warehouse.