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Biotech / Medical : Trinity Biotech (TRIBY) -- Ignore unavailable to you. Want to Upgrade?

To: Scott H. Davis who wrote (8473)	3/10/1998 11:12:00 AM
From: vegetarian	Read Replies (2) \| Respond to of 14328

( BW)(TRINITY-BIOTECH)(TRIBY) Trinity Biotech Expands Manufacturing Capacity; Receives Grant From Irish Government Business Editors & Medical/Health Writers DUBLIN, Ireland--(BW HealthWire)--March 10, 1998--TRINITY BIOTECH (NASDAQ: TRIBY) today announced that it has purchased a new 42,000 sq. ft. manufacturing facility in Dublin, Ireland. The facility is currently being upgraded to conform to the standards required by various regulatory authorities, including ISO and FDA. Trinity simultaneously announced the closure of its UK manufacturing operations and the transfer of its Centocor infectious disease product line to Dublin, Ireland. The costs associated with the closure of the Centocor facility have been accounted for in Trinity's 1997 results. A number of the UK based staff will transfer to Ireland. As a consequence, Trinity will have two manufacturing sites in Dublin, Ireland and in Jamestown, New York with a total square footage of 66,000, as opposed to three sites with a square footage of 53,000. This will result in substantially increased production capacity and a significant reduction in overheads. The project is receiving considerable support from Forbairt, the Irish Government agency with responsibility to promote industrial investment in Ireland. Forbairt will invest US $2 million in the project, dependent on the achievement of agreed employment targets. The balance of the funding required has already been secured through bank borrowings. It is envisaged that up to 100 new jobs will be created in the Irish facility over the next three years. Ronan O'Caoimh, CEO of Trinity, stated "this is a highly significant move for Trinity. The new facility gives Trinity the production capacity to meet our expected growth over the coming years and will also provide space for additional R+D and marketing staff. The project will enhance profitability through the removal of duplication of manufacturing overhead. The consolidation of the UK and Dublin manufacturing sites into a single Irish based facility will enable Trinity to take advantage of the Irish 10% corporate tax rate over a greater proportion of its manufacturing operations. We are particularly pleased that the Irish Government will provide us with financial support for this project, as they have done in the past." TRINITY BIOTECH develops, manufactures and markets over 90 diagnostic products which address all three segments of the diagnostic market: point of care (POC), self testing (OTC) and the clinical laboratory. The company's products are sold in over 65 countries worldwide. -0- "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical facts contained in this release are forward- looking statements that involve risks and uncertainties, including but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development, commercialization and technological difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings.