EXPORT AWARD WINNER’S GROWTH CONTINUES: MINISTER OPENS NEW COMPUMEDICS SITE
Federal Trade Minister, Mark Vaile, today opened the new headquarters for Compumedics Ltd. Situated in Abbotsford, Melbourne, the 6000 m2 site will manufacture the dual Australian Export Award winner’s sleep monitoring and diagnostic technology for the Asia-Pacific, US, European and local markets.
Federal Trade Minister, Mark Vaile, today opened the new headquarters for medical technology company Compumedics Ltd (ASX:CMP). Situated in Abbotsford, Melbourne, the 6000 m2 site will manufacture the dual Australian Export Award winner’s sleep monitoring and diagnostic technology for the Asia-Pacific, US, European and local markets.
Minister Vaile congratulated Compumedics on its international success in the sleep technology market: “Compumedics is a success story for Australian industry and innovation. The company expects to generate over $25 million per year in export earnings from its sophisticated diagnostic equipment manufactured here in Abbotsford.
“Entrepreneurial vision, expertise and hard work have resulted in technology that is internationally recognised and a company that is leading in a rapidly growing field of medicine,” Minister Vaile said.
Compumedics was named overall Australian Exporter of the Year in 1998 and received the 2001 Export Award for small to medium sized manufacturers. Over 80% of Compumedics sales are now generated outside Australia.
The company previously manufactured its Neuroscan range of brain research (EEG) equipment in El Paso, Texas and its sleep diagnostics at another site in Melbourne. All manufacture and technical development has now been combined at the new Abbotsford site.
“When we acquired the Neuroscan business earlier this year we acquired one of the world’s leading developer of brain research instruments. The combination of leading sleep diagnostics and EEG technologies gives Compumedics a significant competitive advantage. We are now able to fully exploit that advantage by bringing development and production of the two technologies together on the one site,” said Mr Burton.
The world market for sleep disorder diagnostics is growing at over 15% per annum. Compumedics sleep business has grown at an average 30% pa over the past five years.
The Abbotsford site has considerable capacity for expansion. “The size of the site reflects our confidence in the growth of the sleep disorder and associated markets and Compumedics’ ability to access that growth,” Mr Burton said.
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