Phoseon investing for continued growth in solid state lighting for life sciences and industrial markets
LED solutions provider, Phoseon Technology, is increasing its headquarters by more than 50%, as part of its continued business expansion and growth plan.
The expansion includes adding space for manufacturing, design and a new Life Sciences division. The global UV LED market is anticipated to exceed US$1.3 billion by 2025.
‘The positive investment atmosphere for corporations in the US and the continuing need for innovative LED solutions demanded by the markets we serve, have created the need for further expansion of our Hillsboro, Oregon, facility,’ said Bill Cortelyou, president and CEO. ‘Operating as a global supplier to the industry, the latest move by the US government to support a competitive corporate tax structure will make us even more competitive.’
The company has exceeded 25% annual growth for the past five years and this expansion will allow it to continue its growth trajectory at an even greater pace. In addition to this US expansion, Phoseon recently established a wholly owned entity in Shanghai, China.
‘We will continue to invest heavily in research and development to enable high-value solutions.’ said Chris O’Leary, CFO.
