the staff of the Ridgewood blog
Parsippany-Troy Hills N.J. , just days after New Jersey Governor Phil Murphy rams through an enormous tax increase on New Jersey taxpayers, Teva Pharmaceuticals USA will move its headquarters and consolidate top managers from North Wales, Montgomery County, to its facility in Parsippany-Troy Hills, N.J.
Gov. Phil Murphy, who announced the move Thursday , New Jersey lured the firm with a $40 million package of tax breaks. Teva USA, an arm of an Israel-based firm that is the world’s largest manufacturer of generic drugs, has seen its stock price fall nearly in half as its main moneymaking drug lost its patent protection, and multibillion-dollar acquisitions left it mired in debt. Its latest chief executive, Kare Schultz, has announced a $3 billion plan to cut 14,000 jobs, a quarter of its global workforce.
In essence the State of New Jersey taxpayers are paying TEVA to relocate to Parsippany .
Our friend Carolee Adams gave us the inside story for Bergen County in a Facebook book note she said , “HERE’S THE TRUTH ABOUT THIS DEAL from Mayor Rendo of Woodcliff Lake: “Teva Pharmaceuticals was a presence in Woodcliff Lake until last year when it closed its doors leaving us with an empty building, unemployed area residents, and our area businesses hurting from the patrons that they lost. Now Murphy come in claiming that his administration lured Teva to NewJersey when it already had a presence in Woodcliff Lake. So here’s the shell game. Teva closes, moves to Parsippany with Murphy giving them tax credits and making it look like they never had a presence in the State. Was it to reward the New Democratic Mayor of Parsippany? Hmmmm.”