Economic development officials from the City of Richmond and the state announced at a news conference Tuesday that pharmaceutical company Pfizer Inc. would keep a research and development facility and the related 300 employees in Richmond.
There was no mention during the event of the dormant Wyeth manufacturing facility that Pfizer now came to own after it acquired Wyeth last year. That space, located around the corner from the R&D facility on Sherwood Avenue, is still for sale, according to a Pfizer spokeswoman. That building used to have a Porter Commercial Realty sign but doesn’t any longer. BizSense was unable to reach someone at Porter.
After the companies combined in May, Pfizer announced plans to cut workers all over the world, including around 500 employees a facility in Eastern Henrico that makes consumer medicines and products such as ChapStick and Robitussin. Those workers’ jobs are to be eliminated in two to three years. The wind-down of that facility was not mentioned at the news conference.
Peter Chapman, director of economic and community development for Richmond, said the city will offer certain incentives to Pfizer to keep its local operations here, but neither he nor other city officials shared what those would be.
BizSense has heard for months but not confirmed that VCU is looking at that vacant Wyeth facility.
Aaron Kremer is the BizSense editor. Please send news tips to Editor@richmondbizsense.com.
On the surface it is great news that the City and State have secured Pfizer’s continued presence in Richmond and the associated jobs. However, since when is the expenditure of public money, e.g. yours and mine, a private matter? The citizens have a right to know how their money is being used and to pass judgement on the action by their elected officials. Why not disclose? It’s a little odd that elected officials and their appointees are not detailing or highlighting the financial prudence fo their decision. How much was spent per job? What committments did Pfizer make to the future? What is, and when will Richmond see the financial return on this investment? Anyone out there know?