Since New Jersey initiated its innovative Business Employment Incentive Program (BEIP)
in 1996, dozens of companies
have benefited.
By May 1997, the program had awarded a total of $37 million in grants to 48 companies.
The BEIP is an economic development initiative that awards grants to qualifying companies that create a minimum number of jobs.
One of those companies was Hoechst Marion Roussel, a world-wide pharmaceutical firm that considered expanding in Ohio, Georgia, France and Germany before settling on New Jersey.
The company was awarded a $2.8 million grant that will be administered over a 10-year period. Hoechst
Marion Roussel's expansion will create 500 jobs with an average salary
of $60,000.
"After thorough study, it was determined that New Jersey would become a major site for Hoechst Marion Roussel," said Lou Berardi, the company's vice president of finance and
administration. "A highly-skilled work
force, proximity to leading research centers and accessibility to international transportation all entered into that decision."
Hewlett-Packard grows in Florham Park
Hewlett-Packard, a computer, communications and measurement company, was awarded a grant of nearly $1.8 million for its addition of
140 high-paying jobs at its Florham Park facility.
"HP looked at relocating these employees to labs in California and Colorado," said Don McGovern, HP's managing director of its New Jersey Software Labs. "However, after talking with the state and taking a look at our future business needs, we decided it made sense to stay in New Jersey. The state offers a highly skilled work force and that's critically important to a lab that develops software for a key component of HP's computer business -- our HP 9000 UNIX-based servers."
Another company that benefited from a Business Employment Incentive grant was the Pershing Division of Donaldson, Lufkin & Jenrette, a securities firm.
The company received a $1.3 million grant to be administered over the next eight years for an expansion that will create 600 jobs in Jersey City.
"When Pershing moved to Jersey City from NYC in 1989, we brought 900 jobs with us," said Joseph Donnelly, Pershing's managing director and general counsel. "Since then, we've grown to include more than 2,000 associates in New Jersey.
"As our growth continued, we wanted to stay in
New Jersey, but
there were signifi
cant financial inducements available elsewhere. Fortunately, the pro-
business attitude of the Whitman administration carried the day and through its innovative approaches, such as this BEIP grant, convinced us that expanding in New Jersey was the way to go."
New state offices
committed to business
New Jersey's BEIP is one clear illustration of the state's commitment to economic growth. Another is the Office of Accounts Management, a new state agency designed to help encourage existing businesses to stay and expand.
Among other things, the office guarantees a 24-hour response for requests for assistance from businesses. The office plans to focus on the state's largest employers and on its industries with the most growth potential: telecommunications, business services, pharmaceuticals, biotechnology, petrochemicals, food processing and finance, insurance and real estate.
The Office of Sustainability is another new state initiative, this one designed to retain and attract environmentally-oriented businesses.
Raytheon chooses Princeton for headquarters
New Jersey's prime location received partial credit for Raytheon Engineers & Constructors' decision to
locate a major facility in the state. In mid-1997, the engineering and construction firm started construction on its 500,000 square foot eastern region headquarters in the Carnegie Center at Princeton. The company will employ 1,400 people at the site.
Raytheon evaluated more than 20 different sites before choosing Merced County, which offered a central location, a professional business climate, infrastructure access and a skilled work force.
New Jersey also retains and attracts business through its tax advantages.
It has no corporate surtax and no business personal property tax.
It offers corporate tax credits for investment in jobs, manufacturing equipment, building expansion and research
and development. | |
For the project, Raytheon received a BEIP grant totaling $7.54 million over the next 10 years. The State Department of Transportation worked with Merced County and West Windsor Township to expedite construction of a new overpass to ensure convenient access.
"The support that we have received gives us confidence that we made a good choice," said Robert Marshall, Raytheon's senior vice president. "We want to grow and prosper here. Based on the reception we've received, we're in an ideal environment to pursue that goal."
Scientific brain power
New Jersey is home to 55 colleges and universities, including Princeton and Rutgers universities, and it has the second highest per capita income in the country.
Adding to the state's educational programs is the Workforce Development Partnership, which offers customized skills training, education and support services. New Jersey leads the nation in research and technology development and is home to one of the highest concentrations of scientific brain power in the United States. More than 200 technology-based companies in the state produce one-quarter of the nation's pharmaceutical and health care products.
In late 1997, Pharmacia & Upjohn announced that it would locate its new global headquarters in New Jersey. The company, a worldwide pharmaceutical and health care firm, will incorporate all of its
corporate functions, as well as its prescription pharmaceutical marketing and sales efforts for its North American operations, in the new headquarters facility.
In seeking a headquarters site, the company narrowed its search to the Mid- Atlantic region.
"After a careful review of proposals from several states, we believe that the offer made by the state of New Jersey satisfies the strategic needs of our company," said Pharmacia & Upjohn CEO Fred Hassan. "Placing our headquarters in New Jersey puts us at the global 'center of gravity' for the pharmaceutical industry. The decision also reflects our strategy for aggressive growth in
the United States market and
ensures the success of critical new product launches."
Bristol-Myers Squibb Co., a diversified worldwide health and personal care company, announced in 1997 its plan to acquire a 433-acre research and office park in Hopewell Township for an expansion that is expected to increase its staff by 2,000 over the next five years.
With a high concentration of pharmaceutical companies, New Jersey aggressively targets this industry. Other industry targets include telecommunications, biotechnology, electronics, and food processing
and packaging.
Boston Scientific is another company that made recent economic news in New Jersey. The company, which develops and manufactures artificial arteries for the heart, is consolidating several of its facilities in Wayne Township.
The township, located in the northern part of the state, about 15 miles from the George Washington Bridge, is also home to an expansion by Reckitt/Colman, a food distributor.
The area features many of the same advantages seen throughout the state: easy access to major highways, a good quality of life, a strategic location and a pro-business climate.
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