NUTLEY, NJ-The hotbed of the Garden State's life science sector is in Northern New Jersey. However, downsizing programs by pharmaceutical firms Merck & Co. and Roche Holding are going to result in millions in lost revenue to four municipalities in that region.
Merck & Co. is closing its headquarters in Readington and a complex in Summit as part of a job reduction program targeting 16,000 workers. Roche is closing its campus Nutley and Clifton by the end of this year. The combined impact on the four communities is $29 million, according to Bloomberg News.
“New Jersey generally has not been attracting a lot of growth in the employment area, and this is not helping,” said Howard Cure, director of municipal research at Evercore Wealth Management. Residents of the affected communities “may be asked or may be required to pay more to balance budgets,” he added. See story in the Star Ledger.
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