Dive Brief:
- Thermo Fisher Scientific plans to invest $2 billion in the United States over the next four years, the medical equipment manufacturer said Thursday.
- The commitment includes $1.5 billion in spending to enhance and expand U.S. manufacturing operations, and $500 million to support research and development, according to a news release.
- The funds are expected to create high-paying jobs and add manufacturing and lab services capacity to support the domestic healthcare supply chain. A spokesperson did not immediately respond to a request for details about Thermo Fisher’s plans.
Dive Insight:
The company’s pledge to fortify U.S. manufacturing comes as the Trump administration moves forward with its tariff strategy, expected to raise costs and be a drag on the global economy, according to the International Monetary Fund.
Amid geopolitical and market pressures, manufacturers are evaluating their supply chains, with some doubling down on U.S. investments to avoid higher taxes. Earlier this week, Roche committed $50 billion to new and existing drug production facilities. Meanwhile, other companies are conducting layoffs or canceling projects as the administration’s policies take hold.
“Thermo Fisher is proud to serve as a growth engine for the American economy,” Marc Casper, chairman, president and CEO of Thermo Fisher, said in a statement. “By expanding our U.S. operations, we ensure that life-saving medicines and therapies will continue to be developed and produced in America for decades to come.”
Thermo Fisher has 64 U.S. facilities across 37 states that make medical equipment and enable biopharma companies to develop and produce their medicines, according to a news release. The Waltham, Massachusetts-based company has more than doubled in size to $43 billion in revenue over the past eight years.
Thermo Fisher’s $2 billion investment is targeted in part at expanding its biopharma services, Casper said in an earnings call Wednesday.
“We just believe there’s going to be more activity here, whether there’s tariffs or not,” he said.
Thermo Fisher is also moving forward with plans to acquire Solventum’s purification and filtration business for $4.1 billion. The transaction is expected to close by the end of 2025.
