Connecticut will add the headquarters of another Fortune 500 company with Philip Morris International’s June 22 announcement that it is leaving New York City.
The move will bring about 200 jobs to the state, with PMI expecting to be operating from an as-yet undetermined Lower Fairfield County location by next summer.
PMI’s relocation increases the list of Connecticut’s Fortune 500 companies from 14 to 15—yet another sign the state’s quality of life and educated workforce continue to attract business and investment.
PMI CEO Jacek Olczak said Connecticut was an ideal location for the company’s U.S. headquarters as it continues to move away from cigarettes.
The Swiss-based company announced earlier this year that more than 50% of group revenues will come from smokeless products by 2025, up from 24% today.
“Connecticut offers a valuable mix of technological know-how, future-forward thinking, and an open-minded approach to problem solving,” Olczak said.
“We consider it an ideal location for our new U.S. head office, where we will be working to more quickly achieve our vision of a smoke-free future.
“We are excited about what the state has to offer our company, our employees, and their families—and we very much look forward to integrating into the community in a meaningful way.”
CBIA president and CEO Chris DiPentima said PMI’s move was made possible because state policymakers are focusing more on sound economic policies.
“It’s further evidence that Connecticut is on the right track, primarily due to bipartisan policies in 2017 and again this session,” he said.
“These policies are creating an economically competitive environment for businesses to grow and for out-of-state businesses to relocate, which will benefit all Connecticut residents through job creation, advancement opportunities, and overall personal income growth.
“We need to continue with policies and strategies that move the wind to our backs so that more retention of our current businesses and relocation of ones like PMI continue in the months and years ahead.”
The Fairfield County location will serve as PMI’s headquarters and house its Americas teams and those responsible for other corporate functions.
PMI will maintain its operations center in Lausanne, Switzerland, supporting its global businesses while employing more than 71,000 people worldwide.
Gov. Ned Lamont said PMI’s move demonstrates that Connecticut “is a growing and thriving ecosystem for businesses.”
“They recognize what we’ve been saying for years: Connecticut is a wonderful place to raise a family and a competitive place to conduct business,” he said.
Lamont was also pleased with PMI’s commitment to the local community, saying “we look forward to seeing their active and charitable contributions to our state.”
PMI has been recognized for leading in gender equity, as well as for its efforts to combat climate change, and protect natural assets, including forests and water sources.
“We are amid a profound transformation at PMI, and our new base in Connecticut will serve to accelerate our progress,” Olczak said.
“Beyond replacing cigarettes with better alternatives, we intend to draw on our expertise in life and medical sciences to develop solutions in areas that include respiratory drug delivery and botanicals.”
The PMI relocation announcement was one of three shared by state officials this week.
Two days after the PMI press conference, the Lamont administration announced that iCapital Network, a global financial technology platform, will open an office in Greenwich that will create 200 jobs over the next two years.
The company has offices in Hong Kong, Lisbon, London and Zurich, with a global workforce of about 450 employees and $75 billion in client assets.
The administration finished the week with news that global manufacturer and technology company ITT will move its corporate headquarters from White Plains to Stamford, bringing more than 50 jobs to the state.
ITT, which makes engineered components and develops customized technology solutions for the transportation, industrial, and oil and gas sectors, employs 9,700 employees in more than 35 countries.
The state is not providing financial incentives to PMI. The state Department of Economic and Community Development will provide “earn-as-you-grow” grants to iCapital and ITT if job creation targets are met.