N.E. Life sciences business expanding
A local life sciences company has doubled its size and is now hoping to create 50 new jobs by 2013.
Immunodiagnostic Systems (IDS), which produces vitamin D testing kits, has added an extra 20,000 sq ft of production and office space to its current base on Boldon Business Park.
The firm received help from the Tyne and Wear Development Company, as well as £245,000 from the Grant for Business Investment scheme backed by regional development agency One North East.
IDS has seen its business grow rapidly since it opened its base on South Tyneside in 1990. The company now hopes to boost its sales overseas, and business in the US market will potentially help them to hit sales targets of £100 million in 5 years.
Barry Hextall, finance director at IDS, said: “Moving into the new facility is a major step for IDS and an important platform for the company’s future development plans. It couldn’t have come at a better time.
“We’ve enjoyed significant growth since we floated back in 2004 as demand for vitamin D testing grows globally. However, the US is the biggest market in the world and this is creating huge opportunities.
The expansion of IDS at its current site has been ensured by the support it has received from local companies.
Ken Samson, Business Finance Manager at One North East, said: “This is a real vote of confidence from IDS in its North East workforce to deliver on these exciting expansion plans and is a clear demonstration of the company’s commitment to the region.
“I am delighted that One North East could support this excellent project and help cement IDS’ growing reputation as a leader in the field of bioscience development.”
This was posted in Bdaily's Members' News section by Ruth Mitchell .
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