Inamed expansion in Arklow to add over 200 new jobs

€7.4 million investment consolidates Arklow's status

as a growing competitive location - Tánaiste

Tánaiste and Minister for Enterprise, Trade and Employment Mary Harney TD, announced today (Tuesday 29 April, 2003) that Inamed Corporation (Nasdaq: IMDC), of the United States, a global healthcare company, is to implement a €7.4 million investment over the next five years with the support of IDA Ireland, for the expansion of its operations in Arklow, Co. Wicklow.

This new investment will establish the Irish operation as the Global Centre of Manufacturing Excellence for silicone breast implants and as a key strategic site within Inamed's global operations. During 2002 Inamed had indicated its intention to expand the facility when it announced that additional production would be consolidated to Arklow from its other facilities.

The Tánaiste confirmed that the investment will support the anticipated creation of over 200 new jobs over the next five years, with more than half of the jobs being recruited by the end of 2004. The new positions will be at both operative and graduate level, for which specific in-house training will be provided. Recruitment has already commenced.

Making the announcement the Tánaiste said "This investment further consolidates Inamed's Irish operations, based in Arklow, increases Ireland's role in the company's global R&D strategy and raises the stature of the operation within Inamed. The management team and workforce are to be congratulated for winning this investment against intense competition from other Inamed sites. The Irish management, together with IDA Ireland, were successful in persuading Inamed that Arklow was the most suitable location to develop the scale and expertise required by this investment"

The Arklow facility manufactures silicone breast implants and tissue expanders for plastic and re-constructive surgery for international markets, including the US, and has an R&D team, customer support and regulatory functions. Formed in 1989, the Arklow facility has had a successful track-record of growth and achievement. It has previously been expanded twice and currently employs 190 people. The R&D team at the facility has played a key role in developing expertise in silicone based products such as `Soft Touch' and `Cohesive' silicone gel implants. Other activities include integrated quality control and administration functions carried out by third level qualified staff.

The Tánaiste said "The track record of success at the Arklow operation, an ability to supply products overnight, an efficient multilingual customer services operation, an expertise in silicone manufacturing and the knowledge acquired in selling the products to international markets were all influential in winning this investment."

The Tánaiste went on to say that the investment by this leading healthcare company further consolidated Arklow's status as a growing competitive location in the areas of healthcare and pharmaceuticals. "IDA's client base in Arklow continues to prosper with ongoing investment and job creation being delivered against a background of challenging world economic conditions. Companies such as Inamed, Servier, Honeywell and Schering Plough (Rathdrum) are making important contributions to the overall economic well being of the greater Arklow area" said the Tanaiste.

"This year IDA Ireland is also investing over €1 million in new infrastructural / road services at its Arklow Business Park to ensure that international standard property solutions are available for future foreign direct investment. IDA also proposes to lodge a planning application for a new 30,000 sq.ft advance office facility at the Park. Provision of this office building would be in partnership with the private sector which is in line with its policy whereby all advanced buildings on IDA lands are provided by the private sector" she concluded.

About Inamed Corporation

Inamed Corporation is headquartered in Santa Barbara, California. In addition to Ireland, Inamed has manufacturing operations in California and Costa Rica, with sales offices in Germany, France, Italy, UK, Spain, Canada, Japan, Australia and Brazil as well as a network of distributors. It employs approximately 1,000 people worldwide. It had sales of over $275 million in 2002, an increase of 16% on 2001, and a net income of $33 million, an increase of 57% on 2001. Inamed intends to increase its R&D spending in 2003 from 4% to over 6% of its sales as it pursues key clinical programmes and approval of silicone implants in the US.

It is a global healthcare company with over 25 years of experience developing, manufacturing, and marketing innovative, high-quality, science-based products. Current products include breast implants for aesthetic augmentation and for reconstructive surgery; a range of dermal products to treat facial wrinkles; and minimally invasive devices for obesity intervention, including the LAP-BAND System for morbid obesity. The company's website is www.inamed.com.

ENDS