01:04 PM EDT, 06/05/2024 (MT Newswires) -- Flexible Solutions International ( FSI ) said Wednesday it bought a production line for $2.5 million with capability of filling "large numbers" of vials with injectable drugs.

The purchase was reported as part of the company's capital expenditure disclosure. The company said it would like to expand into the injectable diabetes and weight loss drugs market if possible.

The sector is capital intensive, but also high-risk, high-reward business. CEO Dan O'Brien said in a statement that the company plans to re-risk the business by securing sales before further expenditure. "Only if we can de-risk sufficiently, will we proceed," O'Brien said.

The purchase represented a saving of $10 million or more, the company said.

Flexible Solutions International ( FSI ) stock was down 5.6% in recent trading.

Price: 2.04, Change: -0.12, Percent Change: -5.56