Wales chosen by US firm for new factory producing
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Posted On: 05/26/2021 8:16:37 AM
Wales chosen by US firm for new factory producing millions of Covid lateral flow tests a day. Innova Medical said it hopes the factory will become operational this summer
BySion BarryMedia Wales Business Editor
13:16, 25 MAY 2021 UPDATED16:10, 25 MAY 2021
One of the world’s biggest producers of rapid Covid-19 tests is planning to create a major production facility in Wales.
US-based Innova Medical Group, which has already supplied the UK with more than one billion lateral flow testing kits, is hopeful that the Welsh factory will be operational by the summer with the capacity to produce millions of tests per day.
Chief executive of California-based Innova, Dan Elliott, told the Financial Times, that as part of a major investment the factory would product test for both the domestic and export markets
Innova has been asked to provide details on a precise location in Wales for its factory, as well as job creation and investment levels.
New Welsh Government Economy Minister Vaughan Gething said he couldn't comment on the precise plans of Innova.
However, he added: "What I can say is that our international trade and business support teams, both in the US and the UK, are are in close talks with the company about setting up a base in Wales. "
Innova, which is owned by private equity firm Pasaca Capital, has supplied the UK with more than one billion tests produced in China, as part of contracts worth more than £3bn.
The UK, which is Innova’s biggest market for lateral flow devices, has spent more than £100m transporting these and other tests from China, according to publicly available contracts.
The company is ramping up production of its tests worldwide and aims to reach 50 million tests a day by the end of the year.
Mr Elliott told the FT: “We were ahead of the competition in terms of developing these products but also scaling at mass. "
He said the demand for lateral flow tests will remain high in the years ahead He added: “When you look at it, the more we travel the more mixing of variants there will be.
“The UK is now established as a testing and diagnostics powerhouse, with over 168.4 millioni tests conducted. Collaboration continues to be a priority and we are hugely grateful to all the manufacturers and suppliers who have offered their assistance in the production of Covid-19 tests.”
BySion BarryMedia Wales Business Editor
13:16, 25 MAY 2021 UPDATED16:10, 25 MAY 2021
One of the world’s biggest producers of rapid Covid-19 tests is planning to create a major production facility in Wales.
US-based Innova Medical Group, which has already supplied the UK with more than one billion lateral flow testing kits, is hopeful that the Welsh factory will be operational by the summer with the capacity to produce millions of tests per day.
Chief executive of California-based Innova, Dan Elliott, told the Financial Times, that as part of a major investment the factory would product test for both the domestic and export markets
Innova has been asked to provide details on a precise location in Wales for its factory, as well as job creation and investment levels.
New Welsh Government Economy Minister Vaughan Gething said he couldn't comment on the precise plans of Innova.
However, he added: "What I can say is that our international trade and business support teams, both in the US and the UK, are are in close talks with the company about setting up a base in Wales. "
Innova, which is owned by private equity firm Pasaca Capital, has supplied the UK with more than one billion tests produced in China, as part of contracts worth more than £3bn.
The UK, which is Innova’s biggest market for lateral flow devices, has spent more than £100m transporting these and other tests from China, according to publicly available contracts.
The company is ramping up production of its tests worldwide and aims to reach 50 million tests a day by the end of the year.
Mr Elliott told the FT: “We were ahead of the competition in terms of developing these products but also scaling at mass. "
He said the demand for lateral flow tests will remain high in the years ahead He added: “When you look at it, the more we travel the more mixing of variants there will be.
“The UK is now established as a testing and diagnostics powerhouse, with over 168.4 millioni tests conducted. Collaboration continues to be a priority and we are hugely grateful to all the manufacturers and suppliers who have offered their assistance in the production of Covid-19 tests.”
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