Manufacturer of complementary healthcare products, Sphere Healthcare is retooling for growth following the introduction of a new cornerstone investor and the injection of $11 million in fresh capital.
The retooling of the business will see the introduction of a range of new products and services while also significantly increasing both capacity and technical capability. It caps off an 18 month program of investment and restructuring to meet increasing demand in both domestic and offshore markets.
Changes made by the company during this period included the introduction of further automation in production which will enable the introduction of tamper-proof packaging and production equipment upgrades. In addition, Sphere has increased its capacity for testing to ensure quality control.
Sphere Managing Director, Paul Riley said in a statement, “The demand for complementary healthcare products continues to grow strongly with key drivers being demand for soft-gel Omega-3 formulations and, in offshore markets particularly, infant formula which is why our transformation has been adding significant production capacity to deliver on medium and long term growth in demand.
Riley emphasised that the company is driving exports into Asia.
“We are matching the growth opportunity ahead of us, driving exports into Asia, growth in the Omega 3 market and infant formula, with the most efficient and flexible production capabilities in the market,” he said.
“While the domestic market presents strong growth opportunities, we are well positioned in terms of both supply agreements, new relationships and production capacity to supply TGA licensed complementary healthcare products and infant formula to the growing Chinese and other Asian markets.”