Governor Chris Christie Salutes Panasonic's Commitment to Remain in the State of New Jersey

Governor and Lt. Governor Laud Panasonic's Decision to Keep and Grow Jobs in the State

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Oct 18, 2011, 07:33 ET

NEWARK, N.J., Oct. 18, 2011 /PRNewswire/ -- Today, New Jersey Governor Chris Christie and Lt. Governor Kim Guadagno addressed assembled Panasonic Corporation of North America employees at the future site of the company's headquarters in Newark, NJ. The Governor and Lt. Governor commended Panasonic's decision to remain and grow in New Jersey. Panasonic Chairman & CEO, Joseph Taylor addressed city, county and state officials, developers as well as company employees, thanking them for their continued support.

Panasonic's new, state-of-the-art, sustainable high-rise office building will be constructed by Matrix Development Group and SJP Properties adjacent to Newark's One Riverfront Center. The structure will be home to 1,000 Panasonic employees and contractors, beginning in 2013. The new facility will total 410,000 square feet, with 250,000 square feet leased to Panasonic.

"This project was a great collaboration between government at all levels and demonstrates a commitment to creating jobs," said Panasonic Corporation of North America Chairman and CEO, Joseph M. Taylor. "Panasonic is committed to serving as a worldwide green business technology leader, and our planned office tower in Newark will allow us to meet and exceed our goals now and in the future."

New Jersey Governor Chris Christie also cited Panasonic's choice of relocation to Newark as an example of a trend. "This is another success story about one of our largest businesses choosing to stay in New Jersey, and [us] continuing to grow and invest in our state and people," Governor Christie said. "This project directly benefits New Jerseyans by keeping over 800 jobs here, creating up to 200 new, permanent positions and spurring the private investment of an estimated $190 million in one of our key urban centers. Our agenda to lower costs, improve the business climate and create jobs is having an impact, with Panasonic's decision, the latest example of a global company that is choosing to call New Jersey home. Creating good-paying Jersey jobs for our families is a top priority of my Administration. This is why $2.35 billion in targeted, impactful tax cuts to spur growth and job creation were a core aspect of my budget, and why we will continue to take strong action to get our economy moving."

Lt. Governor Kim Guadagno, who leads economic development efforts for the Christie administration through the Partnership for Action, said, "Competition between states for companies and investment of any size has never been stronger. When you're talking about a world-renowned, pioneering leader such as Panasonic Corporation, that competition is multiplied tenfold. Panasonic reaffirming their commitment to New Jersey is further evidence that the Partnership for Action is working exactly as the Governor and I envisioned, to retain and grow quality jobs, spur investment and enhance the state's reputation in industries critical for success in the 21st century innovation economy."

Chief Executive Officer of Brick City Development Corporation, the City of Newark's economic development corporation, Lyneir Richardson, also spoke on behalf of Newark Mayor Cory Booker, saying that, "Newark is really working on attracting new companies to our city, and the Panasonic lease signing signifies the start of the first office tower in the city in over two decades. For a company as well known and as well respected as Panasonic, this is really serving as rocket fuel for our business attraction and business development efforts, and we thank Joe Taylor, a true visionary leader."

Panasonic's decision to have its North American headquarters remain in the state of New Jersey has also encouraged further pro-growth, job creation initiatives such as the proposed "Grow NJ" economic development program. The NJ Business Action Center worked closely with Panasonic to help encourage the company to remain in New Jersey and the Economic Development Authority (EDA) approved an award of up to $102.4 million through the Urban Transit Hub Tax Credit Program to support the company's move to Newark.

About Panasonic Corporation of North America

Panasonic Corporation of North America is the principal North American subsidiary of Panasonic Corporation (NYSE: PC), and the hub of Panasonic's U.S. branding, marketing, sales, service and R&D operations. The company develops, manufactures and distributes an extensive range of digital and other electronics products for consumer, workplace and industrial purposes primarily for the U.S. and Canada.

About the City of Newark, New Jersey

Newark, commonly referred to as Brick City, is the third oldest city in the United States and the largest in New Jersey, with a population of more than 280,000 people. Newark sits on one of the nation's largest transportation super-structures including an international airport, major rail connections, major highway intersections and the busiest seaport on the east coast.

With a new Administration as of July 2006, Newark continues to see signs of a strong revival. It showed population growth in the 2010 Census. Its six major colleges and universities are further expanding their presence. The production of affordable housing has doubled, businesses are returning and crime is going down. There is still much work to be done but Newark is on its way to achieving its mission: to set a national standard for urban transformation.

SOURCE Panasonic