Cochlear investing to expand manufacturing capacity and deepen commitment to the Chinese market
Chengdu, China - Cochlear Limited (ASX: COH), the global leader in implantable hearing solutions, today hosted the foundation stone laying ceremony for its new manufacturing facility and the development of the Sino-Australia International Hearing Hub in Chengdu, China. Initiated and funded by Cochlear, the manufacturing facility is the result of collaboration with the Sichuan Innovation and Entrepreneurship Promotion Association (SIEPA) and the Chengdu Tianfu New Area Management Committee. Both parties were in attendance at today's ceremony, joined by Mr. Dig Howitt, CEO and President of Cochlear.
The new manufacturing facility will expand the company's global capacity for the production of cochlear implants and sound processors, specifically to help those with hearing loss in China and emerging markets. With production expected to commence within the next three-and-a-half years, the manufacturing facility will have the capacity to support at least a 50 percent increase in Cochlear's global cochlear implant production.
Cochlear will collaborate with SIEPA on the promotion of the new Sino-Australia International Hearing Hub and its services, which is being funded and constructed by SIEPA and located next to Cochlear's manufacturing facility. The hearing hub will host a range of hearing health related organisations to facilitate collaboration and to assist in improving access to hearing healthcare.
The foundation stone laying for Cochlear's Chengdu manufacturing facility and SIEPA's Sino-Australia International Hearing Hub – marks a very important milestone not only for Cochlear, but also for China's larger hearing industry. As noted by Mr. Dig Howitt, CEO and President of Cochlear, "This investment shows a deepening of our commitment to China. Expanding our presence in China will enable us to understand our customers better. We will work to increase awareness and understanding of cochlear implants in China, support the hardworking professionals that make up China's vibrant hearing health industry, and help more people to hear."
Since coming to China more than 20 years ago, Cochlear's technology has given the gift of sound to more than 30,000 people in China. With this investment, Cochlear further recognizes China's continued potential for growth.
About Cochlear Limited (ASX: COH)
Cochlear is the global leader in implantable hearing solutions. The company has a global workforce of more than 3,000 people and invests more than AUD$150 million a year in research and development. Products include hearing systems for cochlear implants, bone conduction and acoustic implants, which are designed to treat a range of moderate to profound types of hearing loss. Over 450,000 people of all ages, across more than 100 countries, now hear because of Cochlear.
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