June 01, 2005 (rt23 news) - (MORRIS PLAINS) – Acting Governor Richard J. Codey today helped break ground on a $500 million expansion project by Pfizer Inc. that will keep more than 2,000 jobs in New Jersey.

“This groundbreaking is a symbol of our economy’s strength and a reflection of New Jersey’s dominance in the research and life sciences industry,” Codey said. “Pfizer plays a big part in ensuring New Jersey maintains its place as the medicine cabinet to the world. That is why we are so thrilled they are not just staying in New Jersey, but they are expanding and keeping more than 2,000 jobs right here where they belong.”

Codey was joined by and Pfizer Consumer Healthcare President Marc Robinson, State Treasurer John E. McCormac, New Jersey Commerce, Economic Growth and Tourism Commission Secretary Virginia S. Bauer, and Morris Plains Mayor Frank Druetzler.

“Pfizer has a proud history in New Jersey and the state is critical to our future success,” said Robinson. “Our significant expansion in Morris Plains reaffirms our commitment to New Jersey and to the strong partnerships we have established with governments, community organizations, and our other stakeholders in the state.”

Pfizer was the first company to take advantage of the state’s Business Retention and Relocation Grant program, which was adopted in July and provides tax incentives for businesses to remain and expand in New Jersey. Pfizer Consumer Healthcare, the world’s second largest consumer health company, is headquartered in Morris Plains.

Under the BRRAG program, Pfizer will receive sales tax exemptions on the purchase of building materials, machinery, equipment, furniture and furnishings in connection with the renovation of the company’s facilities in Morris Plains and Parsippany. The six-year multi-phase project will provide Pfizer with more than 1.2 million additional square feet of space to meet its future needs. The BRRAG program also provides tax credits for each employee retained.

“As a global leader in the life sciences, Pfizer sends a powerful message with an investment of this magnitude in New Jersey,” McCormac said. “Since this incentive’s approval last December, new investment announcements have followed from other major pharmaceutical and life science companies, further strengthening New Jersey’s standing as the world’s medicine chest. The new and retained jobs from these announcements boost the state’s economy and support the continued development of cutting edge drugs, therapies and devices that improve the quality of life for all citizens.”

Since BRRAG’s adoption, the state has approved more than $38 million in incentives – including up to $25 million for Pfizer – to retain more than 23,000 jobs.

“Beyond the numbers, BRRAG sends an important message: It tells our employers that the state of New Jersey is looking out for companies that are already here,” Bauer said. “BRRAG tells business that we care, that we want you to be here, and be successful.”

In addition to retaining 2,070 New Jersey jobs, the Pfizer project will create numerous construction jobs and generate millions of dollars in economic activity. It will also lead to increased income and corporate business tax revenue to the state and increased local property tax revenues.

“We are excited Pfizer has chosen to expand their headquarters in Morris Plains,” said Druetzler. “We look forward to working with them and seeing them grow, and we value the contributions they make to our local and state economy.”