TRENTON, NJ-The first five projects approved under the state's Economic Opportunity Act provide a total of $93 million in ten-year tax incentives to companies that are expected to create 900 jobs and retain another 925 jobs in-state.
Valeant Pharmaceuticals received the largest award - $39.5 million over ten years - approved by the Economic Development Authority. The Canadian company, which has its U.S. headquarters in Bridgewater, will add 500 jobs and expand its presence in Bridgewater under terms of the Grow New Jersey grant.
Valeant already has 274 employees in the state. Last summer, it acquired Bausch & Lomb, the eyecare company based in Madison, and announced plans to move a number of employees to a consolidated office building.
This week, the company said it has leased 310,000 square feet at SJP Properties' Somerset Corporate Center in Bridgewater.
Other projects approved for Grow NJ awards include:
· $24.3 million for Newark-based IDT Corporation to maintain its headquarters there instead of moving to Pearl River, NY
· $13.1 million for New York-based VF Sportswear to entice it to move to a new facility in Jersey City rather than Norwalk, CT
· $12.7 million for Mt. Laurel-based WebiMax to attract it to expand operations in Camden rather than to a site in Newark, DE
* $3.2 million for Neptune-based Marathon Data Operating Co. to maintain 74 existing jobs in a new facility in Neptune rather than move a Boston
Read more about the Economic Opportunity Act in Real Estate Forum. See story here.
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