Thermo Fisher Scientific announced a four-year, $2 billion investment that it said would boost American manufacturing, economic competitiveness, and innovation in the life sciences industry.
Boosting the American Economy
The biotechnology company said the investment includes $1.5 billion for expanding and upgrading its U.S. manufacturing and $500 million for research and development. It expects the funding to strengthen the U.S. healthcare supply chain and create a strong multiplier throughout the American economy.
Ensuring Domestic Production
Thermo Fisher Scientific CEO Marc Casper said the expansion would ensure that the U.S. continues to develop and produce life-saving therapies and medicines.
The company operates 64 manufacturing sites in 37 states, where it produces life sciences solutions, specialty diagnostics, analytical instruments, and contract manufacturing and development services.
Doubling Growth
The investment complements Thermo Fisher’s growth, which includes nearly doubling its revenue and U.S. employment since 2017. The company also invests $1 billion each year in U.S. research and development.
In February, Thermo Fisher announced a definitive agreement to acquire Solventum’s purification and filtration business for about $4.1 billion. The companies expect to complete the all-cash deal by the end of this year.
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