Philip Morris International moving from New York to Connecticut |
Connecticut will add the headquarters of another Fortune 500 company with Philip Morris International’s announcement on June 22 that it will be leaving New York City.
The move will bring about 200 jobs to the state, with PMI expected to be operational from an unspecified Lower Fairfield County location next summer.
The PMI move increases Connecticut’s list of Fortune 500 companies from 14 to 15 – but another sign of the state’s quality of life and educated workforce that continues to attract business and investment.
PMI CEO Jacek Olczak said Connecticut is an ideal location for the company’s U.S. headquarters as it continues to move away from cigarettes.
The company is based in Switzerland announced earlier this year that more than 50% of the group’s revenues will come from smokeless products by 2025, up from 24% today.
“Connecticut offers an important mix of technological know-how, forward-thinking, and an open-minded approach to problem-solving,” Olczak said.
“We consider this an ideal location for our new U.S. headquarters, where we are working to more quickly achieve our vision of a smoke-free future.
“We’re excited about what the state has to offer our company, our employees, and their families – and we look forward to integrating with the community in a meaningful way.”
CBIA president and CEO Chris DiPentima said the PMI initiative was made possible because state policy makers are more focused on sound economic policies.
“This is further evidence that Connecticut is on the right track, primarily because of bipartisan policies in 2017 and again in this session,” he said.
“These policies create a competitive environment for businesses to grow and for out -of -state businesses to move, which will benefit all Connecticut residents through job creation, growth opportunities, and overall personal income growth.
“We need to continue with the policies and strategies that are moving behind us so that the greater sustainability of our current businesses and the shift of those like PMI can continue in the months and years to come.”
The Fairfield County location will serve as PMI’s headquarters and place its American teams and those responsible for other corporate duties.
PMI will maintain its operational center in Lausanne, Switzerland, supporting global businesses while employing more than 71,000 people worldwide.
Governor Ned Lamont said the PMI move shows that Connecticut “is a growing and evolving ecosystem for businesses.”
“They recognize what we’ve been saying for years: Connecticut is a great place to raise a family and a competitive place to do business,” he said.
Lamont was also pleased with PMI’s commitment to the local community, saying “We look forward to looking at their active and charitable contributions to our state.”
PMI was recognized for leadership in gender equity, as well as for efforts to combat climate change, and protect natural resources, including forests and water resources.
“We are in the midst of a profound change in PMI, and our new base in Connecticut will serve to accelerate our growth,” Olczak said.
“Beyond replacing cigarettes with better alternatives, we aim to draw on our expertise in life and medical science to come up with solutions in areas that include the delivery of respiratory drugs and botanicals.”
Olczak said the PMI aims to be “a source of pride for the state.”