Pfizer To invest $400 Million, Hire 1,000 In New York

By Agence France-Presse Pfizer Inc. announced May 5 it will bring some 1,000 jobs to Manhattan next year and spend about $400 million to acquire a Manhattan office building and renovate the company's real estate in New York City. The pharmaceutical firm, which has maintained its global headquarters in New York since its founding in 1849, said it expects to invest a total of $1 billion in these projects over the next 15 years. Last week, Pfizer announced that its $3.4 billion consumer health-care business would expand its headquarters in New Jersey, where the company plans to invest approximately $400 million to enlarge the company's diverse operations. The addition of 1,000 Pfizer jobs in New York over the next 12 months is expected to result in net new Pfizer payroll of about $150 million in the first year of the expansion and support about 6,000 direct and indirect jobs throughout the New York metropolitan region. Pfizer expects to create an additional 1,000 jobs between 2004 and 2009. Copyright Agence France-Presse, 2003