Search
 

Pfizer Plans $600-Mil-Plus Expansion

ANN ARBOR, MI-The price tag could rise as high as $800 million during the next six years as the prescription drug company beefs up the state's life sciences research corridor. Local and state incentives totaling $58.4 million keep the company in state.

By Robert Carr | Updated on November 21, 2001

ANN ARBOR, MI-Gov. John Engler says Pfizer Inc plans to invest $600 million to $800million in expanding its laboratories here within the next six years as a result of securing suitable land and state and local incentives. The company develops, manufactures and markets leading prescription medicines for humans and animals.

Michigan had been competing with other states to win the company’s investment. The company was attracted to Michigan by the state’s life sciences research institutions, existing company assets here and the ability to attractand retain high-tech employees, Engler says.

A 20-year Single Business Tax credit awarded to the company by the Michigan Economic Development Corp. was a factor in securing Pfizer’s expansion commitment. David Canter, Pfizer senior vice president and director says his company “now has the land we need to flourish. This will bring the city of Ann Arbor and the state economic growth and new jobs in the research and development sector.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.