SCIMED TO CONSTRUCT NEW FACILITY
SCIMED TO CONSTRUCT NEW FACILITY MINNEAPOLIS, June 29 /PRNewswire/ -- SciMed Life Systems, Inc.
(NASDAQ-NMS: SMLS) announced that it intends to purchase approximately 62 acres of land in Maple Grove, Minn., a northwestern suburb of Minneapolis, on which it intends to consolidate some of its operations over an extended period of time. In July of this year SciMed intends to begin construction on a 150,000 square foot building to primarily house new product and process development and pilot production activities along with most corporate functions. Construction is scheduled to be completed in September 1993. The company's manufacturing operations will remain in its current facilities, located in Maple Grove and Plymouth, Minn. Along with a previously announced new facility in Petit Rechain, Belgium, SciMed should have adequate manufacturing space to last for a long time.
The projected cost of the land and construction of the first phase is approximately $20 million. The company does not intend to obtain construction financing but does plan to arrange for permanent financing once the facility is completed. Dale A. Spencer, president an chief executive officer, commented, "SciMed requires additional facilities to support future growth and increased investments in new product development. We have made the decision after long and careful deliberation and an exhaustive search for appropriate leasable space which simply was not available. SciMed currently occupies eight different leased facilities and any further fracturing of our activities would be counterproductive. Furthermore, our analysis indicates that building this facility represents a lower long-term cost to SciMed than other alternatives. The new building is designed to efficiently meet SciMed's product development needs." SciMed Life Systems, Inc. develops, manufactures and markets disposable medical devices, principally coronary angioplasty catheters, for the non-surgical treatment of cardiovascular disease. SciMed's shares are traded on the NASDAQ National Market System under the symbol SMLS. -0- 6/29/92 /CONTACT: Karen Kelsey of SciMed, 612-420-0329/ (SMLS) CO: SciMed Life Systems, Inc. ST: Minnesota IN: MTC SU:
AL -- MN003 -- 4659 06/29/92 11:09 EDT
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|Date:||Jun 29, 1992|
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