May 19, 2010
3 minute read
WATSON PHARMACEUTICALS TO OPEN NEW ADMINISTRATIVE HEADQUARTERS IN NEW JERSEY
Specialty Pharmaceutical Company to Create up to 300 New Jobs, Retain 200 jobs
TRENTON, N.J. (May 19, 2010) – Governor Chris Christie and Lieutenant Governor Kim Guadagno today applauded the expanded presence of Watson Pharmaceuticals, Inc. in New Jersey following the company’s decision to remain and grow in the Garden State. Watson will expand into a new administrative headquarters in Parsippany that will bring together separate operations currently in Morristown and Parsippany, and provide adequate space for the Company’s continued expansion. The project will ultimately house approximately 500 Watson employees. The expansion represents the private investment of more than $15 million, and will employ approximately 100 people during construction.
“Watson Pharmaceuticals’ decision to expand in New Jersey is great news for our State,” said Lt. Governor Guadagno. “Governor Christie and I are working everyday to make New Jersey a home for growth by enhancing New Jersey’s business climate, streamlining our regulation process and advancing pro-business initiatives. I look forward to celebrating even more success stories like Watson Pharmaceuticals’.”
Watson Pharmaceuticals, Inc. is a global specialty pharmaceutical company engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on urology and women’s health.
Watson’s operations are based predominantly in the United States and India, and the company is ranked as the third largest U.S. maker of generic drugs in 2009, based on total prescriptions dispensed as reported by IMS Health. Watson established its presence in New Jersey in 2000 when the company acquired Florham Park-based Schein Pharmaceutical, Inc. With current facilities in Morristown and Parsippany, Watson employs over 200 in New Jersey and more than 5,000 worldwide. The company expects to relocate to the new Parsippany facility by late 2010/early 2011.
“We are pleased to be working in partnership with Governor Christie and his administration on the expansion of our New Jersey presence. Over the past year, we have outgrown our current Administrative Headquarters site, as our U.S. and global business has rapidly grown. This new facility will ensure that we have a single location for the leadership and shared services functions that are driving our global growth,” said Paul Bisaro, Watson President and CEO. “New Jersey’s highly-skilled workforce and excellent location will help ensure our continued success, and we look forward to continuing to increase our New Jersey-based operations following the move to the new facility.”
Watson was approved for a Business Employment Incentive Program (BEIP) grant worth an estimated $7.3 million over ten years from the New Jersey Economic Development Authority (EDA) to support its expansion in New Jersey. The company also was approved for a $290,000 Business Retention and Relocation Assistance Grant (BRRAG) from the EDA to support the retention of over 200 jobs in the State. This assistance was considered a major factor in Watson’s decision to remain and grow in New Jersey.
The BEIP program is available to businesses expanding or relocating their workforce in the Garden State. Grants may be awarded for up to 10 years and can range between 10 percent and 80 percent of the total amount of state income taxes withheld by the company during the calendar year from the salaries of the new employees hired. The BRRAG program helps companies preserve jobs, expand operations and reinvest in New Jersey. Under the program, businesses relocating operations within New Jersey and retaining jobs may be eligible for grants of up to $1,500 per job retained, payable as a tax credit against a company’s corporate tax liability.
For more information on BEIP and BRRAG, visit www.njeda.gov
. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov