New Organization To Build New Research & Development Capabilities for
BATESVILLE, Ind., Nov. 19 /PRNewswire-FirstCall/ -- Hillenbrand Industries, Inc. (NYSE: HB) today announced its Hill-Rom subsidiary has selected Singapore as the site for its Asia-Pacific Innovation Center. The center will become the home base for new Hill-Rom teams focused on research & development (R&D) projects for global applications and will become a center of excellence for microelectronics and embedded software products.
"Innovation is one of the keys to success for global medical technology companies. That's why last April we announced our first Global Innovation Center and based it at our headquarters location in Batesville, Indiana," said Peter Soderberg, president and CEO of Hillenbrand Industries and Hill-Rom. "The early success of that idea has led us to announce the creation of this second center in a part of the world that offers us diverse thinking and approaches as we become a more technology intensive company. As we looked at potential sites, we found that Singapore has an increasingly knowledge-based economy, great technical talent, sophisticated healthcare institutions, and strong government support to grow its healthcare and technology sectors."
"We are pleased that Hill-Rom has chosen Singapore as the location for its first R&D centre in Asia," said Mr Lim Siong Guan, chairman Singapore Economic Development Board. "Singapore's reputation in providing quality healthcare, world-class engineering and scientific capabilities, ability to attract global talent, and strong IP laws and enforcement are key reasons why companies like Hill-Rom find Singapore attractive for R&D activities. The new center will add to the growing cluster of product development activities in Singapore and further solidifies our position as one of the leading locations in the region for medical technology product innovation."
The creation of the Singapore Asia-Pacific Innovation Center calls for as many as 17 new positions to be created in the first year with additional positions to be added over the course of five years. Ultimately, the company expects to have as many as 50 to 60 people based at this site in Singapore.
Hill-Rom previously announced a significant increase in corporate spending on R&D aimed at ensuring that its products uniquely meet the current and unanticipated needs of caregivers and the patients they serve. This acceleration of R&D led to the formation of the Batesville-based Global Innovation Center, announced in April 2007, along with the creation of approximately 80 new Indiana-based jobs. In addition, Hill-Rom has R&D work ongoing at sites located in Montpellier, France and in Pluvigner, France. The Singapore Center is complementary to these world-wide efforts and will also serve as a natural extension for Hill-Rom's current investments in its Suzhou, China location.
Soderberg emphasized that Hill-Rom is committed to its home base in Indiana but also recognizes the need to leverage opportunities in lower cost regions as well as to tap into the talents and strengths of a global workforce. Singapore, with its regional reputation for advancing technology development and innovation, its similarities to North America in terms of its health care environment and its proximity to the broader Asia-Pacific region made it a natural choice.
The Singapore Economic Development Board (EDB) has worked closely with Hill-Rom to encourage its selection of Singapore for the Asia-Pacific Innovation Center and has been instrumental in leading to its decision to proceed with this initiative.
Currently, Hill-Rom is working to finalize details on a site selection within Singapore. The company is targeting a site with up to 10,000 square feet of space to be used for offices, research and development labs, a customer experience center, and sales and marketing. The first phase of developing the Asia-Pacific Innovation Center is expected to be completed and operational by March 2008.
ABOUT HILLENBRAND INDUSTRIES, INC.
Hillenbrand Industries is organized into two operating companies serving the health care and funeral services industries.
Hill-Rom is a leading worldwide manufacturer and provider of medical technologies and related services for the health care industry, including patient support systems, non-invasive therapeutic products for a variety of acute and chronic medical conditions, medical equipment rentals, and workflow information technology solutions. Hill-Rom's comprehensive product and service offerings are used by health care providers across the health care continuum in hospitals, extended care facilities and home care settings to enhance the safety and quality of patient care.
Hill-Rom ... enhancing outcomes for patients and their caregivers.
Batesville Casket Company is a leader in the North American death care industry through the sale of funeral services products, including burial caskets, cremation caskets, containers and urns, selection room display fixturing and other personalization and memorialization products.
Batesville Casket Company ... helping families honor the lives of those they love.
Hillenbrand Disclosure Regarding Forward-Looking Statements
Certain statements in this press release contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company's future plans, objectives, beliefs, expectations, representations and projections. The Company has tried, wherever possible, to identify these forward-looking statements using words such as "intend," "anticipate," "believe," "plan," "encourage," "to," "expect," "may," "goal," "become," "pursue," "estimate," "strategy," "will," "would," "projection," "forecast," "continue," "accelerate," "promise," "increase," "higher," "lower," "reduce," "improve," "expand," "progress," "potential" or the negative of those terms or other variations of them or by comparable terminology. The absence of such terms, however, does not mean that the statement is not forward-looking. It is important to note that forward-looking statements are not guarantees of future performance, and the Company's actual results could differ materially from those set forth in any forward-looking statements. Factors that could cause actual results to differ from forward-looking statements include but are not limited to: the Company's dependence on its relationships with several large national providers and group purchasing organizations, changes in death rates, whether the Company's new products are successful in the marketplace, changes in customers' Medicare reimbursements, the success of the implementation of the Company's enterprise resource planning system, compliance with FDA regulations, anti-trust litigation, potential exposure to product liability or other claims, failure of the Company's announced strategic initiatives and restructuring and realignment activities to achieve expected growth, efficiencies or cost reductions, disruptions in the Company's business or other adverse consequences resulting from the potential separation of the Company's two operating companies, failure of the Company to execute its acquisition and business alliance strategy through the consummation and successful integration of acquisitions or entry into joint ventures or other business alliances, competition from nontraditional sources in the funeral services business, volatility of the Company's investment portfolio, increased costs or unavailability of raw materials, labor disruptions, the ability to retain executive officers and other key personnel, and certain tax-related matters. For a more in depth discussion of these and other factors that could cause actual results to differ from those contained in forward-looking statements, see the discussions under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the period ended September 30, 2006. The Company assumes no obligation to update or revise any forward-looking statements.
|SOURCE Hillenbrand Industries, Inc.|
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