Boston Scientific Inc. plans to spend $150 million in China over five years to expand operations and staff in the rapidly developing nation, the medical device maker said Wednesday.
The company says its investment will include establishing a new manufacturing plant to serve China, and a training center where doctors can learn how to use medical technology.
The company expects to increase its employee base in the country from 200 to 1,200 over the five years. By the end of 2016, the company expects Chinese revenue to exceed $500 million.
"The Chinese medical device market, while rapidly evolving and challenging, presents a significant growth opportunity for the company," said Ray Elliott, Boston Scientific's president and CEO.
Boston Scientific's stock fell 15 cents, or 2.1 percent, to $6.75 in morning trading.