Teva Pharmaceuticals is relocating its North Wales, Montgomery County headquarters to Parsippany-Troy Hills, North Jersey. The company, based in Israel, plans to expand its facility that already is located in New Jersey to nearly 350,000 square feet.
New Jersey Governor Phil Murphy commented, “this is a statement in the absolute about the attractiveness of New Jersey right now,” adding that the move will provide more than 800 jobs. To support Teva’s expansion project, The New Jersey Economic Development Authority has approved $40 million in performance-based tax credits, spread out over 10 years.
Teva’s Executive Vice President Brendan O’Grady said, “Reducing the number of sites supports our drive to continue to improve productivity and efficiencies.”
Teva’s interest in consolidating began back in December when the company announced the elimination of 14,000 global positions that will take place over the next two years in an effort to save the company $3 billion by the end of 2019.
“The presence of global life sciences companies like Teva Pharmaceuticals is critical to New Jersey’s ability to strengthen a thriving innovation ecosystem,” Murphy said in a prepared statement. “We are thrilled to expand our welcome to Teva, and its more than 1,000 employees, in the Garden State.”
(Source: Philadelphia Business Journal)
