Pfizer Inc reaffirmed its long-standing commitment to New Jersey with the announcement of plans to invest up to approximately $400 million to expand the company's diverse operations in the state over the next five years.

New Jersey serves as the world headquarters of Pfizer's $3.4 billion Consumer Healthcare business and is home to important research, manufacturing and distribution activities and other corporate functions. Today's announcement follows a comprehensive review of options for meeting Pfizer's current and future space requirements in New Jersey and those anticipated as a result of the recent acquisition of Pharmacia Corporation.

"Pfizer has a proud history in New Jersey and the state is critical to our future success," said Pfizer Chairman and Chief Executive Officer Hank McKinnell. "The investment we are announcing today reaffirms our commitment to New Jersey and to the strong partnerships we have established with governments, community organizations and our other stakeholders in the state."

Pfizer has initiated discussions with local officials regarding plans to expand its Morris Plains site over a five-year period from 2004 to 2008. The plans call for adding up to 900,000 square feet to the existing space to accommodate a total of 5,000 people.

Pfizer's plans include a combination of renovation and new construction at Morris Plains, a 175-acre property first opened in 1946. The site currently consists of 1.3 million square feet of office, laboratory space with capacity for approximately 3,700 people.

The Morris Plains expansion will bring considerable benefits to the community by generating an estimated 600 construction jobs and 250 additional service-related jobs once renovation and construction at the site is complete.

"We have built a great relationship with the Morris Plains community and expansion of our operations here will enable us to meet our future growth needs with minimal disruption to our business and colleagues," said Marc Robinson, president Pfizer Consumer Healthcare. "The Morris Plains site allows our R&D and business teams to operate seamlessly from one location."

Pfizer also plans to expand its regional sales office in Parsippany, New Jersey, where the company also has manufacturing, distribution and other corporate functions. The expansion of the Parsippany sales office will result in the closing of the former Pharmacia regional sales office in Princeton, New Jersey.

Pfizer will continue to operate former Pharmacia facilities in Peapack and Bridgewater, New Jersey, as well as the North Maple Inn, a 171-room hotel and conference center in Basking Ridge, New Jersey, while it determines its long-term space requirements. Pfizer will not occupy the former AT&T headquarters in Basking Ridge, acquired by Pharmacia in July 2002. Pfizer is discussing with the State of New Jersey how the company and the state can work together to review alternatives for the future of the Basking Ridge site.