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BRISTOL-MYERS SQUIBB COMPANY AND N.J. GOV. FLORIO CELEBRATE DEDICATION OF NEW COMPLEX IN PLAINSBORO, N.J.

 Company Also Announces $52 Million in Ongoing Capital Investments
 at its New Brunswick Facility
 PRINCETON, N.J., June 28 /PRNewswire/ -- Bristol-Myers Squibb Company (NYSE: BMY) officials and New Jersey Gov. Jim Florio today joined in the dedication of the company's new 600,000-square-foot, $115 million complex located in Plainsboro, N.J.
 Bristol-Myers Squibb Pharmaceutical Group President Kenneth E. Weg also announced $52 million in capital investments in New Brunswick, N.J., that will enhance pharmaceutical research and development operations there.
 The Plainsboro Complex brings together the administrative, sales and marketing functions of Bristol-Myers Squibb's domestic Pharmaceutical Group at one site, according to Weg. The upgraded New Brunswick facility will become a "center of excellence" for the company's Pharmaceutical Research Institute.
 Weg said that the major economic development initiatives represented by the completion of the Plainsboro Complex and ongoing capital investments in New Brunswick will bolster Bristol-Myers Squibb Company's long-standing business and community relationships in New Jersey. "These projects stand as further proof that our company remains totally committed to serving New Jersey as a good corporate and community citizen," he noted.
 "Here in New Jersey, we are committed to promoting economic development opportunities and improving our business climate," Florio said. "I consider this announcement by Bristol-Myers Squibb, one of the world's premier companies and a welcome corporate presence in New Jersey, proof that our efforts are paying off. Bristol-Myers Squibb's commitment to New Jersey speaks volumes for the business viability and vitality of our state."
 According to U.S. Sen. Frank Lautenberg (D-N.J.), "Bristol-Myers Squibb is one of New Jersey's best-known companies. It is not only a major employer in the state, but also a world leader in the pharmaceutical industry."
 Bristol-Myers Squibb Company has operated in New Jersey since the beginning of the century. The company currently employs 6,000 people and has nearly $1.5 billion invested in plant and equipment in New Jersey. The company is devoted to enriching the cultural and social fabric of the state, contributing some $3 million for New Jersey educational, charitable and human service programs and organizations in 1992.
 Plainsboro Complex
 The Bristol-Myers Squibb Pharmaceutical Group Plainsboro Complex consists of three buildings located on 106 acres fronting Scudders Mill Road near U.S. Route 1, and houses 1,800 employees. Most of the employees at this site were brought together from leased office space in seven locations throughout central New Jersey. Others were transferred from the Bristol-Myers Squibb facility in Evansville, Ind.
 The Plainsboro property, purchased in 1987, is located about nine miles from the company's Princeton Pharmaceutical Group worldwide headquarters. The new facility includes employee food service, a credit union, a sales training and development center, a multi-purpose audiovisual studio, conference rooms, library, employee store and other features. Construction was completed in fall 1992, and occupancy of all three buildings was completed in early 1993.
 The Plainsboro Complex was one of the major construction projects in the Northeast, creating more than 200 jobs over a 22-month period. The project developer was Hines Interests Limited Partnership, a division of Hines Interests of Houston, Texas. The architect was The Hillier Group of Princeton. Sordoni Skanska Construction Company of Parsippany, N.J., was the contractor. KPA Design Group Inc. of Philadelphia was the interior designer.
 New Brunswick Campus
 Bristol-Myers Squibb's capital investments at its New Brunswick campus off Route 1 will allow the company to concentrate its pharmaceutical development processes at the site and increase the staff and capabilities of its Chemical Process Research and Development Groups.
 The upgrade and expansion of New Brunswick Buildings 53 and 97 will provide Chemical Process Research laboratories and replace the former Building 91 Chemical Process Development pilot plant with a modern facility. Building 125 will receive a heating, ventilating and air conditioning (HVAC) system upgrade. The Building 97 renovation has recently been completed, while completion of the other two projects is expected in the first half of 1995.
 According to Weg, the New Brunswick facility will support Bristol-Myers Squibb Company's extensive pharmaceutical research and development program well past the year 2000. "New Brunswick is evolving into a state-of-the-art facility that will help to shorten the time it takes to develop new pharmaceutical products," he said.
 Bristol-Myers Squibb Company is a research-based, diversified healthcare company whose principal businesses are pharmaceuticals, consumer products, nutritionals and medical devices. It is among the world's leading makers of cardiovascular, anti-cancer, anti-infective, central nervous system and dermatological drug therapies, diagnostic agents and non-prescription medicines.
 /delval/
 -0- 6/28/93
 /CONTACT: Patrick D. Donohue of Bristol-Myers Squibb, 609-252-5685/
 (BMY)


CO: Bristol-Myers Squibb Company; Bristol-Myers Squibb Pharmaceutical
 Group ST: New Jersey IN: MTC SU:


CC-MK -- PH020 -- 6377 06/28/93 15:34 EDT
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Publication:PR Newswire
Date:Jun 28, 1993
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