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Luminex opens China subsidiary
By Ding Yining |
September 18, 2009, Friday
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Print Edition
Print Edition
UNITED States biological testing technology company Luminex yesterday opened its first China subsidiary in Shanghai, saying it would make China the center for its Asia-Pacific operations.
The Nasdaq-listed company said it expects China to become its fastest growing market in the next few years.
More than 6,000 research institutions and laboratories worldwide are using cancer, virus and other detection technologies provided by the company, but only about 100 of them are located in China. "We're hoping that number will be over 1,000 in the next few years," said Patrick Balthrop, president and CEO of the company.
The Texas-based company will invest more than US$1 million in Luminex Shanghai Trading Co Ltd, which will provide technical support and market the company's products. No other financial details were disclosed.
Balthrop said he expects investment by multinational companies in biotechnology in China will significantly increase in the future.
One of its projects is to offer cancer detection techniques to hospitals in 1,000 counties in rural China.
The Nasdaq-listed company said it expects China to become its fastest growing market in the next few years.
More than 6,000 research institutions and laboratories worldwide are using cancer, virus and other detection technologies provided by the company, but only about 100 of them are located in China. "We're hoping that number will be over 1,000 in the next few years," said Patrick Balthrop, president and CEO of the company.
The Texas-based company will invest more than US$1 million in Luminex Shanghai Trading Co Ltd, which will provide technical support and market the company's products. No other financial details were disclosed.
Balthrop said he expects investment by multinational companies in biotechnology in China will significantly increase in the future.
One of its projects is to offer cancer detection techniques to hospitals in 1,000 counties in rural China.
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