Lee, Massachusetts - Boyd Technologies, Inc. announced a new capital investment today, marking the official launch of its five year strategic growth plan, which has been underway since 2012, and aims to double the Company’s top line revenue over the next five years. The growth strategy aims to achieve balanced profitable growth in the Company’s core target markets through focused investments in the Company’s manufacturing capabilities and management team.
The first phase of Boyd’s growth strategy began this year with an investment of approximately $1.5 million in a new clean room facility and capital equipment. The assets are targeted for completion during the third quarter of 2013. The initial investment is part of Boyd’s continued focus on the fast growing medical device industry which in 2011 had US sales of $100 billion and $300 billion globally. The Company operates in the biopharmaceutical filtration and advanced wound care market spaces. Growth in these areas is being fueled by increasing demands of an ageing population, the need for advanced technologies to reduce health care costs, and more patient focused drug development and delivery systems.
The Company plans to validate its new ISO Class 7 clean room in the third quarter of 2013 and immediately begin operations. “We are in a number of high level dialogues now with strategic partners which will put these new assets immediately to work,” said Matthew Boyd the Company’s EVP of Business Development. “We’ve spent a great deal of time specifying and customizing these investments to meet the needs of our partners so we are thrilled to see these efforts coming to fruition,” he continued.
Commenting on the capital investment the Company’s President Stephen Boyd, said, “We plan to continue investing in the expansion of our assets and capabilities over the next five years. This includes equipment, people, and infrastructure to support our targeted growth objectives.”
Boyd Technologies has a long track record of precision manufacturing in high tech markets. The Company’s experience in the personal care market is extensive with a number of health and oral care product launches under its belt. “We are capable of operating three shifts in our facility with upwards of 150 staff, which allows our equipment to run 24-7 and facilitate very attractive growth,” commented Stephen Boyd.
Boyd has a comprehensive quality management system in place to comply with the quality and regulatory requirements applicable to both the personal care and medical device markets. The Company’s Quality Management System follows the ISO 9001 and 13485 standards which are internationally recognized quality systems required to operate in these markets.