Fasano, Candelora Statement on Bristol-Myers Squibb’s Wallingford Shut Down

June 25, 2015

WallingfordSenate Minority Leader Len Fasano and Deputy House Republican Leader Vincent Candelora, who both represent the town of Wallingford, released the following statement regarding Bristol-Myers Squibb’s announced closure of the company’s research center in Wallingford, CT. Today the company announced that its R&D organization is being revamped and a new research center will open in Cambridge, MA as locations in Waltham, MA and Wallingford, CT are being closed. The company has indicated that of the 900 jobs in Connecticut, 500 will move to a different site to be determined and 100 jobs will be cut.

“It is devastating to hear that a stable global company is yanking its presence in Connecticut. People are losing their jobs, and many of those who may have an opportunity to keep them will be moving out of state. Clearly, economic advantages and disadvantages were considered when the company decided to close down existing locations in favor of a new location.

“This is about our families. This is about jobs. This is about all the local businesses and contractors facing a loss. This is about Connecticut not being the most hospitable place for business and for research and development in particular. We watched this company invest in and bring energy to our state. But that energy is out the door.

“This is not the first time this has happened. In past years, we’ve seen Pfizer make a similar move, investing in Connecticut only to abandon it for a Cambridge operation. Our fear is that if our state does not take drastic measures to improve our economy this will not be the last. The budget situation we are in doesn’t help. The perception is bad, and so is the reality,” they said.

Fasano and Candelora referenced the Connecticut Economic Outlook report released today by the UConn Connecticut Center of Economic Analysis which found that “Connecticut’s economic growth over the last four years disappeared two weeks ago when the federal Bureau of Economic Analysis released revised data for state output.” As a result of revised data, Connecticut’s economy is showing to be “among the worst regionally and nationally” and job creation is likely to “stall and may even decline.”

The report also found that many of the budget choices now on the table for the Legislature’s Special Session will “worsen economic outcomes further” and “in aggregate they appear to work against the significant investments Connecticut has been making to change its economic trajectory.” (Connecticut Economic Outlook)