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Dissecting the Pfizer Fallout
Officials are trying to determine the impact on moving from the site
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Pfizer's Lipitor tablets sit in a tray at a pharmacy in Chicago, Illinois.
New London officials have been scrambling over the last week to determine the financial implications of Pfizer moving 1,400 employees from New London to Groton and closing the New London research facility by 2011.
A meeting will be held on Monday at 6 p.m. in city hall to discuss the findings.
Most officials believe that the state will not feel the full impact of Pfizer’s move for at least two years, around the same time the tax abatement would have expired.
New London had been looking forward to the $ 2 million dollars per year it would then begin to receive.
Pfizer's decision to move came as a shock to New London officials who had hoped to keep the jobs here and revitalize the Ft. Trumbull area.
Pfizer's decision to move is fallout from a tough economy and the company's merger in October with Wyeth Pharmaceuticals. Pfizer has been trying to consolidate sites.
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