June 21, 2010
Contact: Donna Tommelleo, 860-524-7313, email@example.com
$99 Million Project to Create 700 High-Tech Jobs in New London Governor M. Jodi Rell today announced that Groton-based submarine builder Electric Boat (EB) will buy the former Pfizer World Research Headquarters in New London to house its own world-class research and development and engineering and design facility.
“Pfizer’s announcement in 2009 that it was vacating its global research headquarters in New London and consolidating operations in Groton created enormous uncertainty throughout an entire community,” Governor Rell said. “The news caused understandable fears about individual career prospects and cast doubt on the economic promise of the Fort Trumbull redevelopment project.
“Today, however, we open a new and important chapter in that same community – we look on a brighter prospect for the same community and see a far rosier future for the local economy. EB’s decision to purchase the former Pfizer facility for its own R&D center will create 700 engineering jobs, establishing a center of excellence in the field of engineering that will help Connecticut develop and sustain a work force in this critical field. It also establishes a robust pipeline for future innovation.”
Electric Boat, a subsidiary of General Dynamics, is the world’s premier designer and builder of nuclear submarines. The company plans to invest $99 million in developing the new engineering, research and development center, which involves the purchase of land and buildings at 50 Pequot Avenue that are currently owned by Pfizer and upgrading two EB-owned buildings in Groton.
The project will create 700 positions, adding to EB’s 2,300 engineers and more than 8,000 total employees already in Connecticut.
“We have been coordinating closely with Governor M. Jodi Rell and the State of Connecticut, the City of New London, the U.S. Navy and Pfizer to determine if this site meets our needs and the initial results are very encouraging,” said John P. Casey, President of Electric Boat. “We appreciate the state’s support, which was instrumental in making this transaction.”
The Department of Economic and Community Development will assist EB with a $15 million grant that will be phased over three years at $5 million per year. Funding may be used for construction, to buy equipment and for other eligible project-related activities. Because the New London facility is located in an enterprise zone, EB also may be eligible a five-year, 80 percent abatement on real and personal property taxes and a 25 percent corporate tax credit for 10 years.