Novartis Announces Major Renovation Plan at East Hanover Headquarters
EAST HANOVER, N.J., Feb. 2 /PRNewswire-FirstCall/ -- Novartis Pharmaceuticals Corporation announced today that it plans to renovate over 300,000 square feet of office space at its East Hanover campus, enabling the company to provide additional space for many operations that were previously located off-site throughout New Jersey. The Novartis site renovation program will be made possible in part through an incentive grant from the State of New Jersey's new Business Retention and Relocation and Assistance Grant ("BRRAG"). Under the BRRAG program, Novartis will receive sales tax exemptions on the purchase of building materials, machinery, equipment, furniture and furnishings in connection with the renovation project. The company plans to invest approximately $50 million through the end of 2005 to help consolidate a variety of business functions, which encompasses approximately 725 professional positions. Last May, Novartis received approval for a Business Employment Incentive Program (BEIP) Grant as part of the overall renovation project. As part of the BEIP grant, the company plans to hire 250 new employees over a two-year period. Novartis currently employs approximately 4,000 people at its East Hanover campus. "We had a choice as to where we locate our key operations and we chose New Jersey," said Gary Rosenthal, Chief Financial Officer of Novartis Pharmaceuticals Corporation. "The support from Acting Governor Codey's office and State Treasurer John McCormac was tremendous and played a vital role in our decision to consolidate our operations here in New Jersey. We greatly appreciate their support with this important project." About Novartis Novartis Pharmaceuticals Corporation researches, develops, manufacturers and markets leading innovative prescription drugs used to treat a number of diseases and conditions, including central nervous system disorders, organ transplantation, cardiovascular diseases, dermatological diseases, respiratory disorders, cancer and arthritis. The company's mission is to improve people's lives by pioneering novel healthcare solutions. Located in East Hanover, New Jersey, Novartis Pharmaceuticals Corporation is an affiliate of Novartis AG (NYSE: NVS) -- a world leader in pharmaceuticals and consumer health. In 2004, the Group's businesses achieved sales of USD 28.2 billion and net income of USD 5.8 billion. The Group invested approximately USD 4.2 billion in R&D. Headquartered in Basel, Switzerland, Novartis Group companies employ approximately 81,400 people and operate in over 140 countries around the world. For further information please consult http://www.novartis.com. Contacts Bob Laverty Novartis Pharmaceuticals Communications Tel 862-778-3564 firstname.lastname@example.orgRELATED LINKS
SOURCE Novartis Pharmaceuticals Corporation
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