http://www.state.ny.us

FOR RELEASE: IMMEDIATE
5/5/2003

GOVERNOR, MAYOR: PFIZER CREATING 2,000 NEW JOBS FOR NYC ECONOMY

Company to Invest $1 Billion in NY Over Next 15 Years; Entire Workforce Retained

Governor George E. Pataki and Mayor Michael R. Bloomberg today announced that Pfizer Inc. has chosen New York City for a business consolidation and expansion project that will create 2,000 new jobs for the city economy and retain the 5,500 workers it currently employs in Manhattan and Brooklyn.

The world's largest pharmaceutical company will invest up to $560 million to purchase and renovate 685 3^rd Avenue and other facilities at its 42^nd Street corporate headquarters campus. In addition, Pfizer expects to invest a total of $1billion in New York over the next 15 years.

"This is a huge victory for New York in a national economy that has states competing for each new job and each new business investment," Governor Pataki said. "New York offers a strong, vibrant business climate that will help Pfizer to succeed for years to come. Today’s announcement sends a message to the entire corporate world that New York is still, and forever will be, the capital of the business world. I would like to thank Chairman McKinnel for working with us to bring these new jobs to New York State."

Mayor Bloomberg said, "Pfizer's long, successful history began in Brooklyn more than one hundred and fifty years ago. That history has always included a strong commitment to New York City. Today Pfizer is reaffirming that commitment and I am very pleased that the City and State were able to play a role in making that happen. This is a real step forward in the City's economic recovery and its message is clear B New York City remains open for business."

Dr. Hank McKinnell, Pfizer Chairman and CEO, said, "Today's announcement marks another important milestone in our 154 years of operations in New York City. During a time of economic uncertainty, as New York City continues to recover from the aftermath of September 11, we are pleased to add good jobs in New York and launch a capital investment program that will bring substantial returns to both the City and State. I salute the efforts of New York's leaders to work in partnership with Pfizer, and we share their commitment to maintaining and enhancing New York's leadership in the global economy."

Pfizer's job growth within New York City is the result of its merger with Warner Lambert in 2000, and acquisition of Pharmacia, as well as the need to expand its marketing and corporate service functions. With these business moves, Pfizer has a significant presence in Michigan and New Jersey. New York competed directly against these states to win this expansion project.

Pfizer will purchase and renovate the 634,000 square-foot 685 3^rd Avenue building. Pfizer expects to have the first 1,000 employees at this location within 12 months of acquiring 685 3^rd Avenue, which is scheduled to occur in June. The additional 1,000 jobs will be added during the next five years.

Pfizer's world headquarters is located at 235 East 42^nd Street, where it has approximately 4,500 workers. The company also has 1,000 workers at a manufacturing facility in Williamsburg.

Charles A. Gargano, Chairman of Empire State Development, said, "New York has succeeded in not only retaining all Pfizer jobs but also the attraction of 2,000 jobs to our economy. Pfizer's decision to consolidate and expand here shows a great partnership between the Governor and Mayor to attract more jobs and business investments."

"When any large company decides to recommit to New York City, it is a major coup," said EDC President Andrew M. Alper. "But when the company is as innovative and progressive as Pfizer, the decision is particularly rewarding. I commend Hank McKinnell and the people of Pfizer and wish them continued success."

The March issue of Site Selection magazine reported that New York State, despite tough economic times, remains at a solid 3^rd in the nation in attracting new and expanded corporate facilities. In 2002, New York attracted 812 expansions, compared with only 75 in 1994 when the State placed a disappointing 20^th.

In consideration of its commitment to the New York State economy, Pfizer is eligible to apply for up to $1.4 million in grants from Empire State Development. The New York City Economic Development Corporation has offered an incentive package worth up to $45.8 million, if Pfizer creates 4,300 new jobs by the end of the 15-year term of the agreement.

###