New facility to meet rising demand for internationally recognized safety testing of food, dietary supplements, and raw ingredients before export to the United States
Singapore, 28 August 2007 – Covance Inc., one of the world’s largest contract research organizations, today opened its first nutritional chemistry laboratory for Asia, based in Singapore. The US$2 million facility will offer independent and internationally recognized safety testing of food and product samples from Asian companies seeking to export to the United States.
The new 5,000-square-foot facility will serve the growing food manufacturing market in Asia. It marks an important extension of Covance's world-renowned nutritional chemistry laboratory in Madison, Wisconsin.
Currently, companies in Asia send food and dietary supplement product samples to laboratories in the United States for analytical testing. The new laboratory in Singapore can pre-qualify ingredients and products before shipment, which simplifies export requirements, eases logistics, and significantly reduces product release times.
The region is home to several of the world’s largest infant formula producers. Accordingly, the new laboratory will initially focus on the testing of infant formula for release, stability, and labeling data, and will also include testing of food and health supplements.
“Covance has a history of success in Asia, dating back over 10 years. As demand for our specialized services becomes more global, we continue to recognize Singapore as critical to expanding our footprint in the region. Its favorable economic environment, business infrastructure, and scientific talent-pool were key factors in our decision to open this facility,” said Joe Herring, Chairman and CEO of Covance. "Covance is a well-known leader in nutritional chemistry in the United States. As more U.S.-based companies specializing in food and dietary supplements establish or expand their operations in the region, our new nutritional chemistry laboratory will provide our customers with the same quality of scientific services they require in the United States. We will continue to add high level of scientific-based jobs in Singapore, so we can run highly technical assays, reduce turnaround time, and make it easier for our clients to export their products.”
Mr. Lim Siong Guan, Chairman of the Economic Development Board, said that Covance has a history of more than a decade-long partnership with Singapore. He added, "The opening of Covance’s Nutritional Chemistry Lab is a welcome boost to the food and dietary supplements sectors in Singapore. Covance’s decision to locate in Singapore not only reflects its vote of confidence in Singapore as a choice location for expansion, it also complements Singapore’s reputation as a trusted food hub.”
Covance also operates late-stage clinical drug development services in Singapore. It recently expanded its central laboratory space in Singapore and offers sophisticated medical sample testing and data management services to support global clinical trials of potential new pharmaceutical products.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $1.3 billion, global operations in more than 20 countries, and more than 8,400 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at http://www.covance.com.
Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, difficulties or delays in integrating the business of Radiant and achieving anticipated efficiencies and synergies, and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward looking statement to conform the statement to actual results or changes in the Company's expectations.
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