Philips Announces Over $150M Investment in U.S. Manufacturing and R&D.

Philips plans to invest over $150M in US manufacturing and R&D, expanding its Reedsville, PA site and Plymouth, MN facility. The expansion is expected to create 120 and 150 new jobs, respectively. This investment is in addition to Philips' annual $900M R&D investment in the US. The move demonstrates the company's commitment to the US region and its growth in the market.

Philips, a global leader in health technology, has announced a significant investment of over $150 million in U.S. manufacturing and research and development (R&D). This investment, which aligns with the company's commitment to the U.S. region, includes the expansion of its Reedsville, Pennsylvania, manufacturing facility and the recently announced expansion of its image-guided therapy facility in Plymouth, Minnesota. The expansion is expected to create 120 and 150 new jobs, respectively.

The Reedsville site, which currently manufactures transducers, will expand its capabilities to customize the software and configurations of ultrasound systems for specific clinical procedures in cardiovascular, general, and maternal care. The expansion is expected to add 24,000 square feet of manufacturing space and 40,000 square feet of warehouse space. The Plymouth facility's expansion includes the construction of a new medtech training center.

This investment is in addition to Philips' annual $900 million R&D investment in the U.S. and its existing presence in the country, which includes nearly 17,000 employees across 40 facilities. Philips serves 90% of U.S. hospitals and has employees in every U.S. state.

Philips' Chief Region Leader, Jeff DiLullo, stated, "The proposed planned expansion of our manufacturing facilities is a demonstration of our deep commitment to the U.S. region. Increasing our manufacturing and R&D capabilities will create jobs and accelerate our ability to deliver better care for more people with innovative AI-enabled solutions."

This investment is part of a broader trend of companies reshoring manufacturing to the U.S. in response to the Trump administration's push for domestic manufacturing. However, challenges such as high labor costs and infrastructure investment remain.

References:
[1] https://www.foxbusiness.com/lifestyle/philips-invest-over-150m-us-manufacturing-research-facilities
[2] https://finance.yahoo.com/news/philips-announces-plan-more-usd-160000256.html