Terumo Statement Regarding Media Reports on Japanese Government's Subsidies Project
TOKYO, JAPAN - July 21, 2020 - Terumo Corporation (TSE: 4543) today announced that it does not plan to shift manufacturing from China to Japan.
The Japanese Ministry of Economy, Trade and Industry has unveiled a project to encourage Japanese companies to diversify manufacturing reliance on one location and build supply chain resilience. Some media reports suggest the project aims to relocate manufacturing sites in China to Southeast Asian countries or Japan. A list of companies to be subsidized has been disclosed on July 17, and Terumo is amongst the companies enlisted.
Terumo is enrolled in this project as a direct response to the global COVID-19 outbreak. The subsidiary will be used to invest in increasing production output for the products that are currently manufactured in Kofu Factory, Japan. Terumo will not shift production out of China, and the project will not affect production for other Terumo manufacturing sites outside of Japan.
At Terumo, there are 31 manufacturing sites across the world, and the company is committed to serving the local community at every location. The company will continue to regard China as an essential member of its community. Guided by the mission "Contributing to Society through Healthcare", Terumo is responsible for life and health of the community, healthcare professionals and the patients it serves.
Terumo (TSE:4543) is a global leader in medical technology and has been committed to "Contributing to Society through Healthcare" for nearly 100 years. Based in Tokyo and operating globally, Terumo employs more than 25,000 associates worldwide to provide innovative medical solutions in more than 160 countries and regions. The company started as a Japanese thermometer manufacturer, and has been supporting healthcare ever since. Now, its extensive business portfolio ranges from vascular intervention and cardio-surgical solutions, blood transfusion and cell therapy technology, to medical products essential for daily clinical practice. Terumo will further strive to be of value to patients, medical professionals, and society at large.