WAYNE, NJ–With the help of $35 million in tax credits, Bayer HealthCare will remain and expand in New Jersey, consolidating its East Coast businesses in one location yet to be chosen. Several sites are under consideration close to the company’s existing New Jersey locations in Montville and Wayne, with a final decision to be made within the next few months.
A division in Tarrytown, NY, will be relocated to New Jersey. A subgroup of Leverkusen, Germany-based Bayer AG, BayerHealthCare combines the global activities of the Animal Health, Consumer Care, Medical Care and Pharmaceuticals divisions.
“We are very excited about having a new facility that can house East Coast-based Bayer HealthCare employees from every division and function under one roof,” says Mark Trudeau, president and CEO of Bayer HealthCare Pharmaceuticals Inc., Bayer HealthCare LLC USA. "New Jersey is home to many bio-pharmaceutical and healthcare companies, and we look forward to benefiting from the many resources and opportunities available to us in the state," continues Trudeau, who is also chair of the company’s US East Coast Site Search Committee.
New Jersey is currently home to 15 of the 25 largest pharmaceutical companies in the world, according to NJ Governor Chris Christie’s office. Bayer received $35 million in tax credits under two programs designed to encourage job attraction to and job retention in the state, Christie spokesman Fred Snowflack tells me.
“Bayer’s commitment to stay and expand in New Jersey is another signal that our state is growing and that this administration’s job-creation policies are paying dividends,” Christie says. Between its various divisions and corporate functions, the company employs approximately 2,500 people in the New Jersey and New York area. First moves are expected to occur in late 2011/early 2012 and proceed through the end of 2013.
The deal is one of several high-profile corporate headquarters commitments to the state, observes Michael G. McGuinness, CEO of the New Jersey Chapter of NAIOP. LG Electronics acquired 400,000 sf of commercial space in Englewood Cliffs for possible expansion last year, and BASF Corp. is moving its North American headquarters to Florham Park.
“It’s a good thing that we have yet another corporate tenant here in New Jersey,” McGuinness tells GlobeSt.com. “We’re beginning to see life out there. I’m not surprised to see it happening.”
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