Smith+Nephew (LSE:SN, NYSE:SNN) announced today that it will build a new R&D and manufacturing facility for its Advanced Wound Management franchise that will move the company outside of its historic home of Hull.
S+N started in 1856 in Hull. The new R&D and manufacturing hub will be at the Melton West business park — about 8 miles from the present location, where the company has had a location for more than 100 years.
Smith+Nephew will invest more than $100 million in the new facility, with support from a U.K. government grant. The development will also be supported by a grant from UK Government. After its expected opening in 2024, the new facility is expected to support more than $10 billion in sales during its first 10 years of operation.
“This major investment demonstrates our commitment to the U.K. and to building our leadership in Advanced Wound Management,” said Simon Fraser, S+N’s president of Advanced Wound Management.
“Our vision is for a world-class working environment that encourages innovation and collaboration to deliver next-generation products that improve the standard of care for the NHS and customers around the world,” Fraser said in a news release.
Lord Gerry Grimstone, the U.K.’s minister of investment, said: “Today’s announcement from Smith+Nephew is a major vote of confidence in our thriving Life Sciences sector, cementing the UK’s status as a global science superpower and helping us to level up economic growth across the country.”
Smith+Nephew said its Advanced Wound Management R&D program will benefit from advanced laboratories better able to support the development of new technologies to satisfy unmet clinical needs.
Manufacturing at the new location will focus on high-technology products. It will support fast and efficient launches of new products and the manufacturing of complex materials used across S+N’s portfolio.