SOURCE: Edwards Lifesciences

Edwards Lifesciences

October 08, 2009 12:30 ET

Edwards Lifesciences to Expand Its Manufacturing and R&D Capability

SALT LAKE CITY, UT--(Marketwire - October 8, 2009) - Edwards Lifesciences Corporation (NYSE: EW), the global leader in the science of heart valves and hemodynamic monitoring, announced today that in anticipation of future growth, the company will be developing a new state-of-the-art manufacturing facility in Draper, Utah, which will enable it to significantly expand its manufacturing and R&D capability.

"Our new facility will allow us to evolve our world class operations to support Edwards' long-term global product supply strategy," said Paul C. Redmond, Edwards' corporate vice president, Global Corporate Operations. "We are very grateful to the Governor's Office of Economic Development in Utah and the Draper City Council for their extraordinary efforts in working with us to ensure our success in creating a stronger and more customer-focused company, poised for even more growth in the future."

Edwards has accepted incentives from the State of Utah totaling approximately $11.5 million based on the current 228 jobs being retained and more than 1,000 projected new jobs in manufacturing, business and engineering expected to be created in the state during the life of the 15-year incentive period. The company also accepted an incentive from the City of Draper for approximately $3 million based on capital investments and employment rates over a seven-year incentive period.

As the first step of its planned expansion, the company will transfer manufacturing of its market-leading cannula and embolic protection devices utilized by cardiac surgeons during open-heart surgery from its existing Midvale, Utah facility to the new facility in Draper in the first half of 2010.

About Edwards Lifesciences

Edwards Lifesciences is the global leader in the science of heart valves and hemodynamic monitoring, with more than five decades of experience in partnering with clinicians to develop life-saving innovations. Headquartered in Irvine, Calif., Edwards treats advanced cardiovascular disease with its market-leading heart valve therapies, and critical care and vascular technologies, which are sold in approximately 100 countries. The company's global brands include Carpentier-Edwards, Cosgrove-Edwards, Edwards SAPIEN, FloTrac, Fogarty, PERIMOUNT Magna and Swan-Ganz. Additional company information can be found at http://www.edwards.com.

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can sometimes be identified by the use of words such as "may," "will," "should," "anticipate," "believe," "plan," "project," "estimate," "expect," "intend," or other similar expressions and include, but are not limited to, development plans for the company's new facility in Draper, Utah, and the company's growth and employment projections. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict. Our forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement.

Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include those and other risks detailed in the company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2008.

Edwards is a trademark of Edwards Lifesciences Corporation. Edwards Lifesciences, the stylized E logo, Carpentier-Edwards, Cosgrove-Edwards, FloTrac, Fogarty, PERIMOUNT Magna and Swan-Ganz are trademarks of Edwards Lifesciences Corporation and are registered in the United States Patent and Trademark Office.

Contact Information

  • Media Contact:
    Amanda Fowler
    949-250-5070

    Investor Contact:
    David K. Erickson
    949-250-6826