PROPERTY PURCHASE WILL ALLOW PFIZER TO EXPAND IN PARSIPPANY, N.J.
NEW YORK, Jan. 20 /PRNewswire/ -- Pfizer Inc said today it has acquired a 73,000-square foot two-building complex located on an 8.3 acre site at 400 Webro Road in Parsippany, N.J. The pharmaceutical company said the properties will be used for an expansion of its Consumer Health Care Division operations on an adjoining 35-acre at 100 Jefferson Road. "Increased employment in research and development, quality control and manufacturing in recent years have strained our office and laboratory capacity," said William T. Doran, senior vice president of Consumer Health Care. Purchased from Chemical Bank, the acquisition will mean the end of off-site leasing and permit the consolidation of manufacturing and research operations. "It will also give us the laboratory and technical support space we need to meet our growth objectives as we intensify new product development, over-the-counter drug manufacturing and strategic acquisition programs," Mr. Doran said. The units acquired consist of a 28,000 square-foot single-story building and a 45,000-square-foot three-story structure that now house Chemical Bank operations. Architectural design and engineering plans for renovating the properties are being developed. Pfizer Inc is a diversified, research-based health care company with global operations. Its Consumer Health Care and Oral Care segment includes Visine eye drops, Ben-Gay ointment, Barbasol shave creams, Unisom sleep aid, Plax pro-brushing dental rinse and other over-the- counter health care items. -0- 01/20/93 /CONTACT: Tony Biesada, 212-573-2055, or Rick Honey, 212-573-2051, both of Pfizer Inc/ (PFE)
CO: Pfizer Inc ST: New Jersey, New York IN: MTC SU:
KD-AH -- NY081 -- 7094 01/20/93 16:55 EST
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|Date:||Jan 20, 1993|
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