In just the past week, manufacturers ExxonMobil, Lockheed Martin, Honeywell International and FedEx have all released details on their plans to invest back into their business thanks to the tax reform law. Pharmaceutical company Pfizer has become the latest U.S. manufacturing company to roll out a big investment plan.
Pfizer Inc. announced on Tuesday that it plans to invest $5 billion into the United States over the next five years due to projected savings from the tax reform law, a portion of which will go toward building Pfizer’s manufacturing infrastructure:
In wake of the new tax law, the company plans to invest approximately $5 billion in capital projects in the United States, including building its manufacturing presence. It plans to contribute $500 million to its U.S. pension plan and has allocated about $100 million for a special, one-time bonus for all nonexecutive employees in the first quarter of 2018.
Pfizer also contributed $200 million to the Pfizer Foundation.
“I am pleased that the aspects of most importance to us were addressed in the new tax code,” Pfizer Chief Financial Officer Frank D’Amelio said.
Pfizer employs more than 33,000 workers in the United States. The National Association of Manufacturers highlighted Pfizer’s work as a modern manufacturer last year through the “Creators Wanted” campaign, sharing stories from Pfizer employees Blanca, Amber and Travis at the company’s site in Kalamazoo, Michigan.
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