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news.Baxter International Inc. (Baxter) said its board has approved plan to invest $146.5 million in China. The company will expand its plants in Chinese cities including Guangzhou, Suzhou, Tianjin and Shanghai. After completion of expansion, these plants will be able to make intravenous and peritoneal dialysis products.
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Paul Vibert, general manager of Baxter China said: “the investment represents the company’s commitment to China and that he expects that the company can achieve double-digit sales growth in China this year despite the economic slowdown. Last year, the company’s sales revenue in China was $200 million”.
The investment will create 1,000 new jobs in China in 2009 and 2,500 new jobs in total, added Vibert.
At present, the company has a production network covering over 200 Chinese cities. In the past few years, Baxter International has spent over $250 million in setting up five plants and a research &development center in China.
Baxter is a developer, manufacturer and marketer of products for hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions.