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Covance Opens Nutritional Chemistry Laboratory in Singapore to Service Asia-based Clients
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— New facility
to meet rising demand for internationally recognized safety testing of
food, dietary supplements, and raw ingredients before export to the
United States —
Singapore, August 28, 2007 — Covance Inc. (NYSE: CVD) one
of the world's largest contract research organizations, today opened
its first nutritional chemistry laboratory for Asia, based in
Singapore. The US$2 million facility will offer independent and
internationally recognized safety testing of food and product samples
from Asian companies seeking to export to the United States.
The new 5,000-square-foot facility will serve the growing food
manufacturing market in Asia. It marks an important extension of
Covance's world-renowned nutritional chemistry laboratory in Madison,
Wisconsin.
Currently, companies in Asia send food and dietary supplement product
samples to laboratories in the United States for analytical testing.
The new laboratory in Singapore can pre-qualify ingredients and
products before shipment, which simplifies export requirements, eases
logistics, and significantly reduces product release times.
The region is home to several of the world's largest infant formula
producers. Accordingly, the new laboratory will initially focus on the
testing of infant formula for release, stability, and labeling data,
and will also include testing of food and health supplements.
"Covance has a history of success in Asia, dating back over 10 years.
As demand for our specialized services becomes more global, we
continue to recognise Singapore as critical to expanding our footprint
in the region. Its favorable economic environment, business
infrastructure, and scientific talent-pool were key factors in our
decision to open this facility," said Joe Herring, Chairman and CEO of
Covance. "Covance is a well-known leader in nutritional chemistry in
the United States. As more U.S.-based companies specializing in food
and dietary supplements establish or expand their operations in the
region, our new nutritional chemistry laboratory will provide our
customers with the same quality of scientific services they require in
the United States. We will continue to add high level of
scientific-based jobs in Singapore, so we can run highly technical
assays, reduce turnaround time, and make it easier for our clients to
export their products."
Mr. Lim Siong Guan, Chairman of the Economic Development Board, said
that Covance has a history of more than a decade-long partnership with
Singapore. He added, "The opening of Covance's Nutritional Chemistry
Lab is a welcome boost to the food and dietary supplements sectors in
Singapore. Covance's decision to locate in Singapore not only reflects
its vote of confidence in Singapore as a choice location for
expansion, it also complements Singapore's reputation as a trusted
food hub."
Covance also operates late-stage clinical drug development services in
Singapore. It recently expanded its central laboratory space in
Singapore and offers sophisticated medical sample testing and data
management services to support global clinical trials of potential new
pharmaceutical products.
About Covance
Covance, with headquarters in Princeton, New Jersey, is one of the
world's largest and most comprehensive drug development services
companies with annual revenues greater than $1.3 billion, global
operations in more than 20 countries, and more than 8,400 employees
worldwide. Information on Covance's products and services, recent
press releases, and SEC filings can be obtained through its website at
www.covance.com.
Statements contained in this press release, which are not historical
facts, such as statements about prospective earnings, savings,
revenue, operations, revenue and earnings growth and other financial
results are forward-looking statements pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All such forward-looking statements including the statements contained
herein regarding anticipated trends in the Company's business are
based largely on management's expectations and are subject to and
qualified by risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statements. These risks and uncertainties include, without limitation,
competitive factors, outsourcing trends in the pharmaceutical
industry, levels of industry research and development spending, the
Company's ability to continue to attract and retain qualified
personnel, the fixed price nature of contracts or the loss of large
contracts, risks associated with acquisitions and investments, the
Company's ability to increase order volume, the pace of translation of
orders into revenue in late-stage development services, difficulties
or delays in integrating the business of Radiant and achieving
anticipated efficiencies and synergies, and other factors described in
the Company's filings with the Securities and Exchange Commission
including its Annual Report on Form 10-K and Quarterly Reports on Form
10-Q. The Company undertakes no duty to update any forward looking
statement to conform the statement to actual results or changes in the
Company's expectat
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