Pfizer Wows Northeast with Forecast of Nearly $1.5 billion in Capital Spending

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Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). In 1849, Charles Pfizer and Company opened for business in New York, New York. Over 150 years later, Pfizer (NYSE: PFE) (New York, New York) (COMPANY 1037993) has not only survived but indeed has evolved into the world's largest pharmaceutical company. Seldom absent from the headlines since its legendary takeover of Pharmacia last year, Pfizer outsells all of its competitors when it comes to drugs.

Its blockbusters range from the widely popular Viagra, which is used for the treatment of impotence to Lipitor, a cholesterol-lowering medicine. Pfizer's profitable Consumer Healthcare line, which includes such products as Visine eye drops and the smoking-cessation therapy Nicorette, accounts for approximately 10% of their annual revenue, reported as over $32 billion in 2002.

Click on the image to the right to view a listing of Pfizer's 22 North American Plants.

Staying true to its roots, Pfizer expects to invest a total of $1 billion in New York over the next 15 years. An initial $400 million investment will include the purchase and renovation of a 31-story 635,000 square-foot office building in Manhattan. Pfizer also plans to acquire and renovate other sites in the city. With anticipated site closures and consolidations resulting from the Pharmacia deal scheduled across the country, the investment news brought a sigh of relief to Pfizer's manufacturing plant in Brooklyn, New York. (PLANT 1508673)

New Jersey grabbed its own gold ring when Pfizer announced their vast spending plans for the state. The state claims the world headquarters of Pfizer's profitable Consumer Healthcare business, along with research, manufacturing and distribution activities. Pfizer will invest as much as $400 million over the next five years to expand its New Jersey operations. (PEC 07001903)

The plans include adding almost one billion square feet to their 175-acre Morris Plains Consumer Healthcare campus. Opened in 1946, the campus will also undergo extensive renovations on existing facilities. With the anticipated addition of 1,300 jobs, the Morris Plains campus will eventually employ almost 5,000 people, rivaling the total population of the actual city of Morris Plains.

Yet, to make a play on an old saying, as one door opens another slams shut. As part of their ongoing consolidation plans, Pfizer has targeted sites in Illinois, California and Ontario for closure. Almost 2,000 employees will be affected by the action. Over 600 Pfizer people in Germany and France will also see their sites close in the months ahead.

Click the following link to view Industrialinfo.com's 2003 North American Pharmaceutical-Biotech Forecast