NEWARK, NJ–Prudential Financial executives flew from home base here to El Paso, TX, today to announce plans for building a business and technology services center that will specifically target job opportunities to military spouses, veterans and their families.
“We're delighted to open our new technology and business operations center in El Paso,” said Prudential's chairman and CEO John Strangfeld at a news conferenceat El Paso City Hall.
Prudential is currently at work on a new $444 million office tower in downtown Newark, which the financial services giant has touted as a commitment to the city where it was founded almost 150 years ago.
Prudential will vacate about 800,000 square feet in Newark's Gateway Center complex when the new complex there is completed later this year.
In El Paso, Prudential executives talked about another commitment. “With this new business, Prudential is continuing its commitment to provide meaningful training and employment to veterans, military service members and their families and people from diverse backgrounds,” said Strangfeld.
Texas has the second largest number of veterans (1.6 million) nationally, according to the Department of Veterans Affairs, with 48,000 living in metropolitan El Paso. In addition, Fort Bliss, which is located in El Paso, adds over 6,000 veterans per year into the job market.
Barbara Koster, Prudential's chief information officer, said that the decision to locate the center in El Paso was influenced by its “triangle of business” model of collaboration between military and academic institutions and the Borderplex Alliance, a privately funded economic development group that partners with the City of El Paso and business leaders in the El Paso metro area.
“This creates a powerful and supportive business environment,” said Koster, who heads the company's veterans initiatives.
"Texas isn't just competing against other states for jobs like the ones Prudential is bringing to our state, we're competing against other nations, and a win for Texas means a win for the United States," said Gov. Rick Perry in a statement. "That's why we work hard to maintain our economic climate, built upon our ongoing commitment to fiscal conservatism and maintaining a world-class workforce.
The project, which will create 300 jobs, is receiving a $1.15 million investment from the Texas Enterprise Fund.
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