Chicago healthcare giant Abbott (NYSE:ABT) is preparing to open a new manufacturing facility and add 500 new employees in Malaysia, according to local reports.
Abbott is investing $60 million into the new manufacturing facility in hopes of tapping into the country’s cataract surgery market. Abbott estimates that there will be around 105,000 cataract surgeries performed in Malaysia this year.
The new plant marks the 1st time that Abbott’s Medical Optics intraocular lens business has put skin in Malaysia, according to the Malaysian Reserve. The facility is slated to begin operations next year and should be churning out product by the 1st half of 2016.
"Given the technical expertise and resources available in Malaysia, Abbott is pleased to expand our intraocular lens manufacturing operations here," Abbott Medical Optics global operations divisional vice president Diane Beno told the news source. "The facility will provide high quality, dependable products, helping people maintain active, healthy lifestyles with clearer vision after cataract surgery."