Pfizer set to move in 2011 to Groton

New London (WTNH) - Pharmaceutical-giant, Pfizer, has announced that they are closing its research and development site in New London. And, locals are worried it will impact their economy.

As far as employees go, 5,000 who work in the state will stay about the same.

But instead of working in Groton and New London they'll all be in Groton, leaving those on the New London side of the river at a big loss.

Sliced thin and about to get thinner is how Patty Dagnault sees her profit margin with the announcement that Pfizer will be closing its New London Global Headquarters by 2011.

"It's gonna be a tough road if I keep losing all these big businesses in New London," she said.

Dagnault took over Shaw's Cove Deli a year ago; she had high hopes. But, all she has now are big concerns.

"We've done Christmas parties, Thanksgiving parties, we'll do the whole nine yards and now we're really gonna miss them," she said.

Pfizer, which just recently merged with Wyeth, is restructuring. New London's loss is apparently Groton's gain.

"The 1,400 employees who work here in New London would be transitioned over the Groton site by 2011," said Liz Power of New London.

That means the $30-million, 750,000 square foot facility built by Pfizer eight-years ago is now on the market.

As an incentive to move to the city of New London, the state had given Pfizer huge tax breaks for the first 10-years; those tax breaks end in 2011 which is actually when the company plans to close this facility.

"We're exploring our options of the facility and we're looking to find a buyer or someone who will lease the facility," Power said.

"It's a big blow for the city," said New London Mayor Wade Hyslop.

Mayor Hyslop said the building generates $1.2 million in property taxes and more if it's occupied.

"Hopefully I always look at the bright side that we'll get another company to fill the void," said City Councilor Mike Buscetto.

It's a hope shared by many.

"Hopefully I can travel with them," said Dagnault. "Don't forget to take Patty's Shaws Cove Deli menus with ya."

The Groton facility will be one five of Pfizer's research facilities worldwide.