Randox invests £9.2m in growing its global market
Friday, 10 July 2009
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Award-winning global diagnostics firm Randox Laboratories is to invest £9.2m in research and development.
The investments will support R&D, in three projects, into the latest diagnostics solutions to enhance Randox’s product offering and develop production efficiencies as it seeks to grow its global market share, particularly in Asia.
Invest Northern Ireland has supplied £3.1m, with part funding from the European Regional Development Fund, towards the investments.
Making the announcement during a visit to the company, Enterprise Minister Arlene Foster said: “Since its establishment in 1982, Randox has developed an internationally renowned reputation for excellence in the high-tech world of clinical diagnostics. This has enabled the company to become a multi-national success story, generating revenues in excess of £50m annually.
“These latest investments by Randox, supported by Invest NI, will see the company further develop its already strong research capability and underline its longstanding commitment to seeking out new and improved diagnostic solutions.”
Independently-owned Randox, based in Crumlin, specialises in the development of chemical diagnostic tests and devices, primarily targeted at hospital, clinical and veterinary laboratories worldwide.
The company employs 542 people in Northern Ireland and a further 190 overseas.
Founder and managing director of Randox Dr Peter Fitzgerald said: “More than one third of our staff based here in Northern Ireland are engaged in key R&D activities. This helps us continuously refine and add to our range of diagnostic tools and, crucially, enables us to retain our existing clients and attract new ones.
“Asia, in particular the Far East, currently represents our fastest growing market and we are keen to fully exploit the potential that the area presents. With the support of Invest NI, this investment will enable us to compete, and succeed, there in the medium to long term whilst also maintaining our strong position in Europe and the US.”
lfergus@belfasttelegraph.co.uk
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