F&P Healthcare commits to third Auckland building as part of $33M spending plan

Fisher & Paykel Healthcare Corp. will build a third building on its East Tamaki, Auckland site as part of $33 million of spending earmarked for its New Zealand operations this year.

“We continue to see strong opportunities for growth in the respiratory care, acute care and obstructive sleep apnea markets,” said chief executive Michael Daniell, in a statement.

“Over the next five years we expect to more than double our New Zealand based research, development and clinical marketing activities and our existing New Zealand facilities are nearing capacity,” he said.

Site works are to begin in early 2010 with completion in late 2012.

The new building will provide office, research and development, laboratory, manufacturing and warehouse space, the company said. The project will be funded on operating cash flow and existing debt facilities, it said.

F&P Healthcare is also investing about $20 million to establish a manufacturing plant in Tijuana, Mexico.

Its shares rose 0.3% to $3.39 today and have edged up 5.7% this year.

Businesswire.co.nz

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