TITLE

Reverse Commute

AUTHOR(S)
Messina, Judith
PUB. DATE
June 2003
SOURCE
Crain's New York Business;6/23/2003, Vol. 19 Issue 25, p15
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The news that Pfizer Inc. planned to shift 1,000 jobs to Manhattan, New York from New Jersey, Missouri, Michigan and California took many by surprise. Since Sept. 11, 2001 almost all the major relocation traffic has been headed in the opposite direction. However, the pharmaceutical giant, which acquired Warner-Lambert in 2000 and completed its purchase of Peapack, New Jersey-based Pharmacia, is convinced that it can save $2.5 billion over three years by consolidating many of its operations in the city. Pfizer believes workforce consolidation is the key to successfully running a business and it does need to consolidate. Under pressure to meet cost and earnings expectations promised by the mergers, Pfizer is closing some operations and shifting major functions to a few localities, such as Connecticut for research and development and New Jersey for its consumer business. To accommodate thousands of additional employees who will relocate to or be hired in Manhattan, Pfizer will invest $400 million to buy and renovate a 31-story building at 685 Third Avenue. INSET: Worth the trip.
ACCESSION #
10174701

 

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