Electric Boat reaches a preliminary agreement to purchase Pfizer’s complex and John P. Casey, president, Electric Boat said, “We appreciate the state’s support, which was instrumental in making this transaction possible.”
by Tyler Williams
Electric Boat announced it reached a preliminary agreement to purchase Pfizer’s New London complex. In July, engineers working on the Navy’s next-generation submarine are expected to be the first to move to the new building. The remainder of the 700,000 square-foot complex would be occupied in phases through 2011.
John P. Casey, president, Electric Boat said “We have been coordinating closely with Governor M. Jodi Rell and the State of Connecticut, the City of New London, the U.S. Navy and Pfizer to determine if this site meets our needs, and the initial results are very encouraging.” Electric Boat was seeking office space to accommodate growth in its engineering workforce and their 18-month occupancy schedule fits with Pfizer’s timetable to exit the New London site.
The building complex will not spend any significant time unoccupied and Electric Boat’s move to the new complex will enable the company to locate its employees in a modern office space, which is insufficient at their current location.
Peter J. Halvordson, vice president, Engineering at Electric Boat said, “It provides a quality workspace for our employees at the right time for our business.”
Electric Boat’s expansion is an exciting prospect and will stimulate our economy. In a statement released to the Resident, State Representative Elissa Wright said, “I am pleased that Electric Boat is expanding its historic commitment to CT and continuing to build on the existing synergy between our area, the state and company. This decision expands our economic base, provides stability in our economy, and retains and creates new high paying, quality jobs in CT–especially good news in a state that has lost nearly 100,000 jobs in the recent recession.”
This is great news! Once again, Electric Boat, has stood fast in support of our community and the state even in the midst of a recession. Where every other business (including Pfizer) is cutting back, EB is paving the way forward as a shining beacon of hope to a community that has suffered the worst recession in years. Businesses come and go in SE Connecticut but one (EB) clearly is here to stay.
The Resident should do more articles about this loyal, committed economic supporter in our area!