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Electric Boat buying Pfizer site in Conn.

Mon, 06/21/2010 - 9:05am
STEPHEN SINGER - AP Business Writer - Associated Press

Submarine maker Electric Boat is acquiring a research and development site from drug manufacturer Pfizer in southeaster Connecticut for its own research and development and engineering operations.

Electric Boat, a subsidiary of General Dynamics Corp., announced Monday it will spend $99 million developing the New London site and upgrading two buildings it owns in nearby Groton.

The submarine maker says it will create 700 jobs, adding to its current 2,300 engineers and more than 8,000 employees in Connecticut.

The state Department of Economic and Community Development will give Electric Boat $15 million over three years for construction, equipment purchases and other activities.

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